10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-13232 (Apartment Investment and Management Company)

Commission File Number: 0-56223 (Aimco OP L.P.)

Apartment Investment and Management Company

Aimco OP L.P.

(Exact name of registrant as specified in its charter)

Maryland (Apartment Investment and Management Company)	84-1259577
Delaware (Aimco OP L.P.)	85-2460835
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)
4582 South Ulster Street, Suite 1450
Denver, Colorado	80237
(Address of principal executive offices)	(Zip Code)

(303) 224-7900

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address, and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Class A Common Stock (Apartment Investment and Management Company)	AIV	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None (Apartment Investment and Management Company)

Partnership Common Units (Aimco OP L.P.)

(title of each class)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Apartment Investment and Management Company: Yes  ☒ No ☐ Aimco OP L.P.: Yes  ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Apartment Investment and Management Company: Yes  ☒ No ☐ Aimco OP L.P.: Yes  ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Apartment Investment and Management Company:

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

Aimco OP L.P.:

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Apartment Investment and Management Company: ☐ Aimco OP L.P.: ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Apartment Investment and Management Company: Yes ☐ No ☒ Aimco OP L.P.: Yes ☐ No ☒

The number of shares of Apartment Investment and Management Company Class A common stock ("Common Stock") outstanding as of August 4, 2023: 147,916,884

EXPLANATORY NOTE

Apartment Investment and Management Company (“Aimco” or “the Company”), a Maryland corporation, is a self-administered and self-managed real estate investment trust, or REIT. On December 15, 2020, Aimco completed the separation of its businesses (the “Separation”), creating two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”) (Aimco and AIR together, as they existed prior to the Separation, “Aimco Predecessor”). Events noted in this filing as occurring before December 15, 2020, were those entered into by Aimco Predecessor.

Aimco, through a wholly-owned subsidiary, is the general partner and directly is the special limited partner of Aimco OP L.P. ("Aimco Operating Partnership"). As of June 30, 2023, Aimco owned 92.5% of the legal interest in the common partnership units of Aimco Operating Partnership and 94.9% of the economic interest in Aimco Operating Partnership. The remaining 7.5% legal interest is owned by limited partners. As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management.

Aimco Operating Partnership holds all of Aimco’s assets and manages the daily operations of Aimco’s business. Pursuant to the Aimco Operating Partnership agreement, Aimco is required to contribute to Aimco Operating Partnership all proceeds from the offerings of its securities. In exchange for the contribution of such proceeds, Aimco receives additional interests in Aimco Operating Partnership with similar terms (e.g., if Aimco contributes proceeds of a stock offering, Aimco receives partnership units with terms substantially similar to the stock issued by Aimco).

This filing combines the quarterly reports on Form 10-Q for the quarterly period ended June 30, 2023, of Aimco and Aimco Operating Partnership. Where it is important to distinguish between the two entities, we refer to them specifically. Otherwise, references to “we,” “us,” or “our” mean, collectively, Aimco, Aimco Operating Partnership, and their consolidated entities.

We believe combining the periodic reports of Aimco and Aimco Operating Partnership into this single report provides the following benefits:

•We present our business as a whole, in the same manner our management views and operates the business;

•We eliminate duplicative disclosure and provide a more streamlined and readable presentation because a substantial portion of the disclosures apply to both Aimco and Aimco Operating Partnership; and

•We save time and cost through the preparation of a single combined report rather than two separate reports.

We operate Aimco and Aimco Operating Partnership as one enterprise; the management of Aimco directs the management and operations of Aimco Operating Partnership; and Aimco OP GP, LLC, Aimco Operating Partnership’s general partner, is managed by Aimco.

We believe it is important to understand the few differences between Aimco and Aimco Operating Partnership in the context of how Aimco and Aimco Operating Partnership operate as a consolidated company. Aimco has no assets or liabilities other than its investment in Aimco Operating Partnership. Also, Aimco is a corporation that issues publicly traded equity from time to time, whereas Aimco Operating Partnership is a partnership that has no publicly traded equity. Except for the net proceeds from stock offerings by Aimco, which are contributed to Aimco Operating Partnership in exchange for additional limited partnership interests (of a similar type and in an amount equal to the shares of stock sold in the offering), Aimco Operating Partnership generates all remaining capital required by its business. These sources include Aimco Operating Partnership’s working capital, net cash provided by operating activities, borrowings under its revolving credit facility, the issuance of debt and equity securities, including additional partnership units, and proceeds received from the sale of real estate.

Equity, partners’ capital, and noncontrolling interests are the main areas of difference between the condensed consolidated financial statements of Aimco and those of Aimco Operating Partnership. Interests in Aimco Operating Partnership held by entities other than Aimco are classified within partners’ capital in Aimco Operating Partnership’s condensed consolidated financial statements and as noncontrolling interests in Aimco’s condensed consolidated financial statements.

To help investors understand the differences between Aimco and Aimco Operating Partnership, this report provides: separate condensed consolidated financial statements for Aimco and Aimco Operating Partnership; a single set of condensed consolidated notes to such financial statements that includes separate discussions of each entity’s stockholders’ equity or partners’ capital, and earnings per share or earnings per unit, as applicable; and a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that includes discrete information related to each entity, where appropriate.

1

This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for Aimco and Aimco Operating Partnership in order to establish that the requisite certifications have been made and that Aimco and Aimco Operating Partnership are both compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. §1350.

2

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

AIMCO OP L.P.

TABLE OF CONTENTS

FORM 10-Q

		Page
	PART I. FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS
	Apartment Investment and Management Company:
	Condensed Consolidated Balance Sheets (Unaudited)	4
	Condensed Consolidated Statements of Operations (Unaudited)	5
	Condensed Consolidated Statements of Equity (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows (Unaudited)	8
	Aimco OP L.P.:
	Condensed Consolidated Balance Sheets (Unaudited)	9
	Condensed Consolidated Statements of Operations (Unaudited)	10
	Condensed Consolidated Statements of Partners’ Capital (Unaudited)	11
	Condensed Consolidated Statements of Cash Flows (Unaudited)	13
	Notes to Condensed Consolidated Financial Statements of Apartment Investment and Management Company and Aimco OP L.P. (Unaudited)	14
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	27
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	39
ITEM 4.	CONTROLS AND PROCEDURES	40
	PART II. OTHER INFORMATION
ITEM 1A.	RISK FACTORS	41
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	41
ITEM 6.	EXHIBITS	43
Signatures		44

3

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

	June 30, 2023			December 31, 2022
ASSETS
Buildings and improvements	$	1,467,732		$	1,322,381
Land		638,660			641,102
Total real estate		2,106,392			1,963,483
Accumulated depreciation		(548,316	)		(530,722	)
Net real estate		1,558,076			1,432,761
Cash and cash equivalents		164,990			206,460
Restricted cash		27,375			23,306
Mezzanine investment		158,301			158,558
Interest rate options		8,998			62,387
Unconsolidated real estate partnerships		20,808			15,789
Notes receivable		39,533			39,014
Right-of-use lease assets - finance leases		109,631			110,269
Other assets, net		128,640			132,679
Total assets	$	2,216,352		$	2,181,223
LIABILITIES AND EQUITY
Non-recourse property debt, net	$	869,974		$	929,501
Construction loans, net		195,688			118,698
Total indebtedness		1,065,662			1,048,199
Deferred tax liabilities		113,969			119,615
Lease liabilities - finance leases		116,593			114,625
Mezzanine investment - participation sold		33,977			—
Accrued liabilities and other		118,744			106,600
Total liabilities		1,448,945			1,389,039
Redeemable noncontrolling interests in consolidated real estate partnerships		168,648			166,826
Commitments and contingencies (Note 3)
Equity (510,587,500 shares authorized at both June 30, 2023 and December 31, 2022):
Common Stock, $0.01 par value, 143,733,654 and 146,524,941 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively		1,438			1,466
Additional paid-in capital		483,258			496,482
Retained earnings		37,486			49,904
Total Aimco equity		522,182			547,852
Noncontrolling interests in consolidated real estate partnerships		48,472			48,294
Common noncontrolling interests in Aimco Operating Partnership		28,105			29,212
Total equity		598,759			625,358
Total liabilities and equity	$	2,216,352		$	2,181,223

See notes to condensed consolidated financial statements.

4

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
REVENUES
Rental and other property revenues	$	45,674		$	50,697		$	89,942		$	100,691
OPERATING EXPENSES
Property operating expenses		18,783			19,708			36,287			38,929
Depreciation and amortization		17,031			34,863			33,302			57,981
General and administrative expenses		7,890			8,961			16,293			18,433
Total operating expenses		43,704			63,532			85,882			115,343
Interest income		2,478			565			4,536			1,121
Interest expense		(9,656	)		(41,546	)		(19,381	)		(56,147	)
Mezzanine investment income (loss), net		(128	)		8,330			(257	)		16,567
Realized and unrealized gains (losses) on interest rate options		3,383			20,017			2,326			38,795
Realized and unrealized gains (losses) on equity investments		1,094			26,630			1,231			22,297
Gain on dispositions of real estate		1,878			94,598			1,878			94,465
Lease modification income		—			205,387			—			205,387
Income from unconsolidated real estate partnerships		121			44			295			300
Other income (expense), net		(1,413	)		(2,022	)		(4,910	)		(2,909	)
Income (loss) before income tax		(273	)		299,168			(10,222	)		305,224
Income tax benefit (expense)		417			(45,957	)		4,613			(41,901	)
Net income (loss)		144			253,211			(5,609	)		263,323
Net (income) loss attributable to redeemable noncontrolling    interests in consolidated real estate partnerships		(3,576	)		(1,069	)		(6,849	)		(2,539	)
Net (income) loss attributable to noncontrolling interests    in consolidated real estate partnerships		(348	)		(346	)		(613	)		(344	)
Net (income) loss attributable to common noncontrolling    interests in Aimco Operating Partnership		178			(12,659	)		652			(13,094	)
Net income (loss) attributable to Aimco	$	(3,602	)	$	239,137		$	(12,419	)	$	247,346
Net income (loss) attributable to Aimco per common    share – basic (Note 4)	$	(0.02	)	$	1.58		$	(0.09	)	$	1.63
Net income (loss) attributable to Aimco per common    share – diluted (Note 4)	$	(0.02	)	$	1.57		$	(0.09	)	$	1.62
Weighted-average common shares outstanding – basic		144,195			149,600			145,007			149,694
Weighted-average common shares outstanding – diluted		144,195			150,423			145,007			150,660

See notes to condensed consolidated financial statements.

5

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Three Months Ended June 30, 2023 and 2022

(In thousands, except per share data)

(Unaudited)

	Common Stock															Noncontrolling Interests in			Common Noncontrolling Interests in
	Shares Issued			Amount			Additional Paid- in Capital			Retained Earnings (Accumulated Deficit)			Total Aimco Equity			Consolidated Real Estate Partnerships			Aimco Operating Partnership			Total Equity
Balances at March 31, 2022		149,690		$	1,497		$	523,455		$	(14,571	)	$	510,381		$	44,629		$	26,975		$	581,985
Net income (loss)		—			—			—			239,137			239,137			346			12,659			252,142
Redemption of OP Units		16			—			581						581			—			(591	)		(10	)
Share-based compensation expense		—			—			1,417			—			1,417			—			191			1,608
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—			—			—			—			(310	)		—			(310	)
Purchase of noncontrolling interests in consolidated real estate partnerships		—			—			(7,244	)		—			(7,244	)		—			—			(7,244	)
Common stock repurchased		(540	)		(5	)		(3,097	)		—			(3,102	)		—			—			(3,102	)
Other, net		(69	)		—			(47	)		1			(46	)		—			(1	)		(47	)
Balances at June 30, 2022		149,097		$	1,492		$	515,065		$	224,567		$	741,124		$	44,665		$	39,233		$	825,022
Balances at March 31, 2023		144,718		$	1,448		$	489,304		$	41,087		$	531,839		$	48,321		$	28,589		$	608,749
Net income (loss)		—			—			—			(3,602	)		(3,602	)		348			(178	)		(3,432	)
Redemption of OP Units		—			—			(37	)		—			(37	)		—			(329	)		(366	)
Share-based compensation expense		—			—			1,853			—			1,853			—			23			1,876
Contributions from noncontrolling interests in consolidated real estate partnerships		—			—			—			—			—			113			—			113
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—			—			—			—			(310	)		—			(310	)
Common stock repurchased		(984	)		(10	)		(7,860	)		—			(7,870	)		—			—			(7,870	)
Other, net		—			—			(2	)		1			(1	)		—			—			(1	)
Balances at June 30, 2023		143,734		$	1,438		$	483,258		$	37,486		$	522,182		$	48,472		$	28,105		$	598,759

See notes to condensed consolidated financial statements.

6

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the Six Months Ended June 30, 2023 and 2022

(In thousands, except per share data)

(Unaudited)

	Common Stock															Noncontrolling Interests in			Common Noncontrolling Interests in
	Shares Issued			Amount			Additional Paid- in Capital			Retained Earnings (Accumulated Deficit)			Total Aimco Equity			Consolidated Real Estate Partnerships			Aimco Operating Partnership			Total Equity
Balances at December 31, 2021		149,818		$	1,498		$	521,842		$	(22,775	)	$	500,565		$	35,213		$	26,455		$	562,233
Net income (loss)		—			—			—			247,346			247,346			344			13,094			260,784
Redemption of OP Units		39			—			1,535			—			1,535			—			(1,678	)		(143	)
Share-based compensation expense		—			—			2,780			—			2,780			—			1,257			4,037
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—			—			—			—			(605	)		—			(605	)
Contributions from noncontrolling interests in consolidated real estate partnerships		—			—			—			—			—			9,718			—			9,718
Purchase of noncontrolling interests in consolidated real estate partnerships		—			—			(7,244	)		—			(7,244	)		—			—			(7,244	)
Common stock repurchased		(742	)		(7	)		(4,412	)					(4,419	)					—			(4,419	)
Other common stock issuances		106			1			851			—			852			—			109			961
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships		—			—			(183	)					(183	)		—			—			(183	)
Other, net		(124	)		—			(104	)		(4	)		(108	)		(5	)		(4	)		(117	)
Balances at June 30, 2022		149,097		$	1,492		$	515,065		$	224,567		$	741,124		$	44,665		$	39,233		$	825,022
Balances at December 31, 2022		146,525		$	1,466		$	496,482		$	49,904		$	547,852		$	48,294		$	29,212		$	625,358
Net income (loss)		—			—			—			(12,419	)		(12,419	)		613			(652	)		(12,458	)
Redemption of OP Units		—			—			4,256			—			4,256			—			(4,876	)		(620	)
Share-based compensation expense		—			—			3,549			—			3,549			—			3,149			6,698
Contributions from noncontrolling interests in consolidated real estate partnerships		—			—			—			—			—			163			—			163
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—			—			—			—			(597	)		—			(597	)
Common stock repurchased		(3,003	)		(30	)		(22,562	)		—			(22,592	)		—			—			(22,592	)
Other common stock issuances		247			2			1,538			—			1,540			—			1,272			2,812
Other, net		(35	)		—			(5	)		1			(4	)		(1	)		—			(5	)
Balances at June 30, 2023		143,734		$	1,438		$	483,258		$	37,486		$	522,182		$	48,472		$	28,105		$	598,759

See notes to condensed consolidated financial statements.

7

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Six Months Ended June 30,
	2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(5,609	)	$	263,323
Adjustments to reconcile net income (loss) to net cash provided by    operating activities:
Depreciation and amortization		33,302			57,981
Mezzanine investment (income) loss, net		257			(16,567	)
Realized and unrealized (gains) losses on interest rate options		(2,326	)		(38,795	)
Realized and unrealized (gains) losses on equity investments		(1,231	)		(22,297	)
Income tax expense (benefit)		(4,613	)		41,901
Share-based compensation		5,965			4,513
Loss on extinguishment of debt, net		929			27,482
Lease modification income		—			(205,387	)
Gain on dispositions of real estate		(1,878	)		(94,465	)
Income from unconsolidated real estate partnerships		(295	)		(300	)
Amortization of debt issuance costs and other		1,114			1,421
Changes in operating assets and operating liabilities:
Other assets, net		(1,244	)		2,201
Net cash received from lease incentive		—			7,895
Accrued liabilities and other		(6,686	)		(3,528	)
Total adjustments		23,294			(237,945	)
Net cash provided by operating activities		17,685			25,378
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(4,108	)		(100,758	)
Capital expenditures (1)		(129,919	)		(124,813	)
Proceeds from disposition of real estate		—			126,769
Investment in IQHQ		—			(14,227	)
Investment in unconsolidated real estate partnerships		(1,387	)		(12,244	)
Distributions received from unconsolidated real estate partnerships		4,209			—
Other investing activities		4,570			(116	)
Net cash used in investing activities		(126,635	)		(125,389	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt		—			614,720
Proceeds from construction loans		73,152			33,607
Proceeds from sale of participation in Mezzanine Investment		37,500			—
Payments of deferred loan costs		(229	)		(6,620	)
Principal repayments on non-recourse property debt		(61,541	)		(283,826	)
Principal repayments on Notes Payable to AIR		—			(387,088	)
Proceeds from interest rate option		55,687			13,660
Payments on finance leases		(1,523	)		(25,366	)
Payments of prepayment premiums		—			(21,395	)
Common stock repurchased		(22,391	)		(4,419	)
Redemption of noncontrolling interest in real estate partnership		—			(7,244	)
Distributions to redeemable noncontrolling interests		(5,152	)		—
Contributions from noncontrolling interests		163			9,718
Distributions to noncontrolling interests		(597	)		(605	)
Contributions from redeemable noncontrolling interests		125			20,392
Redemption of OP units		(621	)		(133	)
Redemption of redeemable noncontrolling interests		—			(5,094	)
Other financing activities		(3,024	)		(569	)
Net cash provided by (used in) financing activities		71,549			(50,262	)
NET DECREASE IN CASH, CASH EQUIVALENTS,    AND RESTRICTED CASH		(37,401	)		(150,273	)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT    BEGINNING OF PERIOD		229,766			244,582
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT    END OF PERIOD	$	192,365		$	94,309

(1) Accrued capital expenditures were $62.8 million and $29.1 million as of June 30, 2023 and 2022, respectively.

See notes to condensed consolidated financial statements.

8

AIMCO OP L.P.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

	June 30, 2023			December 31, 2022
ASSETS
Buildings and improvements	$	1,467,732		$	1,322,381
Land		638,660			641,102
Total real estate		2,106,392			1,963,483
Accumulated depreciation		(548,316	)		(530,722	)
Net real estate		1,558,076			1,432,761
Cash and cash equivalents		164,990			206,460
Restricted cash		27,375			23,306
Mezzanine investment		158,301			158,558
Interest rate options		8,998			62,387
Unconsolidated real estate partnerships		20,808			15,789
Notes receivable		39,533			39,014
Right-of-use lease assets - finance leases		109,631			110,269
Other assets, net		128,640			132,679
Total assets	$	2,216,352		$	2,181,223
LIABILITIES AND EQUITY
Non-recourse property debt, net	$	869,974		$	929,501
Construction loans, net		195,688			118,698
Total indebtedness		1,065,662			1,048,199
Deferred tax liabilities		113,969			119,615
Lease liabilities - finance leases		116,593			114,625
Mezzanine investment - participation sold		33,977			—
Accrued liabilities and other		118,744			106,600
Total liabilities		1,448,945			1,389,039
Redeemable noncontrolling interests in consolidated real estate partnerships		168,648			166,826
Commitments and contingencies (Note 3)
Partners’ capital:
General Partner and Special Limited Partner		522,182			547,852
Limited Partners		28,105			29,212
Partners’ capital attributable to Aimco Operating Partnership		550,287			577,064
Noncontrolling interests in consolidated real estate partnerships		48,472			48,294
Total partners’ capital		598,759			625,358
Total liabilities and partners’ capital	$	2,216,352		$	2,181,223

See notes to condensed consolidated financial statements.

9

AIMCO OP L.P.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per unit data)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
REVENUES
Rental and other property revenues	$	45,674		$	50,697		$	89,942		$	100,691
OPERATING EXPENSES
Property operating expenses		18,783			19,708			36,287			38,929
Depreciation and amortization		17,031			34,863			33,302			57,981
General and administrative expenses		7,890			8,961			16,293			18,433
Total operating expenses		43,704			63,532			85,882			115,343
Interest income		2,478			565			4,536			1,121
Interest expense		(9,656	)		(41,546	)		(19,381	)		(56,147	)
Mezzanine investment income (loss), net		(128	)		8,330			(257	)		16,567
Realized and unrealized gains (losses) on interest rate options		3,383			20,017			2,326			38,795
Realized and unrealized gains (losses) on equity investments		1,094			26,630			1,231			22,297
Gain on dispositions of real estate		1,878			94,598			1,878			94,465
Lease modification income		—			205,387			—			205,387
Income from unconsolidated real estate partnerships		121			44			295			300
Other income (expense), net		(1,413	)		(2,022	)		(4,910	)		(2,909	)
Income (loss) before income tax		(273	)		299,168			(10,222	)		305,224
Income tax benefit (expense)		417			(45,957	)		4,613			(41,901	)
Net income (loss)		144			253,211			(5,609	)		263,323
Net (income) loss attributable to redeemable noncontrolling    interests in consolidated real estate partnerships		(3,576	)		(1,069	)		(6,849	)		(2,539	)
Net (income) loss attributable to noncontrolling interests    in consolidated real estate partnerships		(348	)		(346	)		(613	)		(344	)
Net income (loss) attributable to Aimco Operating      Partnership	$	(3,780	)	$	251,796		$	(13,071	)	$	260,440
Net income (loss) attributable to Aimco Operating      Partnership per common unit – basic (Note 4)	$	(0.02	)	$	1.58		$	(0.09	)	$	1.63
Net income (loss) attributable to Aimco Operating      Partnership per common unit – diluted (Note 4)	$	(0.02	)	$	1.57		$	(0.09	)	$	1.62
Weighted-average common units outstanding – basic		151,966			157,525			152,795			157,621
Weighted-average common units outstanding – diluted		151,966			158,447			152,795			158,666

See notes to condensed consolidated financial statements.

10

AIMCO OP L.P.

CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

For the Three Months Ended June 30, 2023 and 2022

(In thousands)

(Unaudited)

	General Partner and Special Limited Partner			Limited Partners			Partners’ Capital Attributable to Aimco Operating Partnership			Noncontrolling Interests in Consolidated Real Estate Partnerships			Total Partners’ Capital
Balances at March 31, 2022	$	510,381		$	26,975		$	537,356		$	44,629		$	581,985
Net income (loss)		239,137			12,659			251,796			346			252,142
Redemption of OP Units		581			(591	)		(10	)		—			(10	)
Share-based compensation expense		1,417			191			1,608			—			1,608
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—			—			(310	)		(310	)
Purchase of noncontrolling interests in consolidated real estate partnerships		(7,244	)		—			(7,244	)		—			(7,244	)
Repurchases of OP Units held by Aimco		(3,102	)		—			(3,102	)		—			(3,102	)
Other, net		(46	)		(1	)		(47	)		—			(47	)
Balances at June 30, 2022	$	741,124		$	39,233		$	780,357		$	44,665		$	825,022
Balances at March 31, 2023	$	531,839		$	28,589		$	560,428		$	48,321		$	608,749
Net income (loss)		(3,602	)		(178	)		(3,780	)		348			(3,432	)
Redemption of OP Units		(37	)		(329	)		(366	)		—			(366	)
Share-based compensation expense		1,853			23			1,876			—			1,876
Contributions from noncontrolling interests in consolidated real estate partnerships		—			—			—			113			113
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—			—			(310	)		(310	)
Repurchases of OP Units held by Aimco		(7,870	)		—			(7,870	)		—			(7,870	)
Other, net		(1	)		—			(1	)		—			(1	)
Balances at June 30, 2023	$	522,182		$	28,105		$	550,287		$	48,472		$	598,759

See notes to condensed consolidated financial statements.

11

AIMCO OP L.P.

CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

For the Six Months Ended June 30, 2023 and 2022

(In thousands)

(Unaudited)

	General Partner and Special Limited Partner			Limited Partners			Partners’ Capital Attributable to Aimco Operating Partnership			Noncontrolling Interests in Consolidated Real Estate Partnerships			Total Partners’ Capital
Balances at December 31, 2021	$	500,565		$	26,455		$	527,020		$	35,213		$	562,233
Net income (loss)		247,346			13,094			260,440			344			260,784
Redemption of OP Units		1,534			(1,677	)		(143	)		—			(143	)
Share-based compensation expense		2,780			1,257			4,037			—			4,037
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—			—			(605	)		(605	)
Contributions from noncontrolling interests in consolidated real estate partnerships		—			—			—			9,718			9,718
Purchase of noncontrolling interests in consolidated real estate partnerships		(7,244	)		—			(7,244	)		—			(7,244	)
Repurchases of OP Units held by Aimco		(4,419	)		—			(4,419	)		—			(4,419	)
Other OP Unit issuances		852			109			961			—			961
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships		(183	)		—			(183	)		—			(183	)
Other, net		(107	)		(5	)		(112	)		(5	)		(117	)
Balances at June 30, 2022	$	741,124		$	39,233		$	780,357		$	44,665		$	825,022
Balances at December 31, 2022	$	547,852		$	29,212		$	577,064		$	48,294		$	625,358
Net income (loss)		(12,419	)		(652	)		(13,071	)		613			(12,458	)
Redemption of OP Units		4,256			(4,876	)		(620	)		—			(620	)
Share-based compensation expense		3,549			3,149			6,698			—			6,698
Contributions from noncontrolling interests in consolidated real estate partnerships		—			—			—			163			163
Distributions to noncontrolling interests in consolidated real estate partnerships		—			—			—			(597	)		(597	)
Repurchases of OP Units held by Aimco		(22,592	)		—			(22,592	)		—			(22,592	)
Other OP Unit issuances		1,540			1,272			2,812			—			2,812
Other, net		(4	)		—			(4	)		(1	)		(5	)
Balances at June 30, 2023	$	522,182		$	28,105		$	550,287		$	48,472		$	598,759

See notes to condensed consolidated financial statements.

12

AIMCO OP L.P.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Six Months Ended June 30,
	2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(5,609	)	$	263,323
Adjustments to reconcile net income (loss) to net cash provided by    operating activities:
Depreciation and amortization		33,302			57,981
Mezzanine investment (income) loss, net		257			(16,567	)
Realized and unrealized (gains) losses on interest rate options		(2,326	)		(38,795	)
Realized and unrealized (gains) losses on equity investments		(1,231	)		(22,297	)
Income tax expense (benefit)		(4,613	)		41,901
Share-based compensation		5,965			4,513
Loss on extinguishment of debt, net		929			27,482
Lease modification income		—			(205,387	)
Gain on dispositions of real estate		(1,878	)		(94,465	)
Income from unconsolidated real estate partnerships		(295	)		(300	)
Amortization of debt issuance costs and other		1,114			1,421
Changes in operating assets and operating liabilities:
Other assets, net		(1,244	)		2,201
Net cash received from lease incentive		—			7,895
Accrued liabilities and other		(6,686	)		(3,528	)
Total adjustments		23,294			(237,945	)
Net cash provided by operating activities		17,685			25,378
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(4,108	)		(100,758	)
Capital expenditures (1)		(129,919	)		(124,813	)
Proceeds from disposition of real estate		—			126,769
Investment in IQHQ		—			(14,227	)
Investment in unconsolidated real estate partnerships		(1,387	)		(12,244	)
Distributions received from unconsolidated real estate partnerships		4,209
Other investing activities		4,570			(116	)
Net cash used in investing activities		(126,635	)		(125,389	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt		—			614,720
Proceeds from construction loans		73,152			33,607
Proceeds from sale of participation in Mezzanine Investment		37,500			—
Payments of deferred loan costs		(229	)		(6,620	)
Principal repayments on non-recourse property debt		(61,541	)		(283,826	)
Principal repayments on Notes Payable to AIR		—			(387,088	)
Proceeds from interest rate option		55,687			13,660
Payments on finance leases		(1,523	)		(25,366	)
Payments of prepayment premiums		—			(21,395	)
Common stock repurchased		(22,391	)		(4,419	)
Redemption of noncontrolling interest in real estate partnership		—			(7,244	)
Distributions to redeemable noncontrolling interests		(5,152	)		—
Contributions from noncontrolling interests		163			9,718
Distributions to noncontrolling interests		(597	)		(605	)
Contributions from redeemable noncontrolling interests		125			20,392
Redemption of OP units		(621	)		(133	)
Redemption of redeemable noncontrolling interests		—			(5,094	)
Other financing activities		(3,024	)		(569	)
Net cash provided by (used in) financing activities		71,549			(50,262	)
NET DECREASE IN CASH, CASH EQUIVALENTS,    AND RESTRICTED CASH		(37,401	)		(150,273	)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT    BEGINNING OF PERIOD		229,766			244,582
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT    END OF PERIOD	$	192,365		$	94,309

(1) Accrued capital expenditures were $62.8 million and $29.1 million as of June 30, 2023 and 2022, respectively.

See notes to condensed consolidated financial statements.

13

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

AIMCO OP L.P.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023

(Unaudited)

Note 1 — Organization

Apartment Investment and Management Company (“Aimco”), a Maryland corporation incorporated on January 10, 1994, is a self-administered and self-managed real estate investment trust (“REIT”). On December 15, 2020, Aimco completed the separation of its businesses (the “Separation”), creating two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”) (Aimco and AIR together, as they existed prior to the Separation, “Aimco Predecessor”). Events noted in this filing as occurring before December 15, 2020, were those entered into by Aimco Predecessor. Aimco, through a wholly owned subsidiary, is the general and special limited partner of Aimco OP L.P. (“Aimco Operating Partnership”).

Except as the context otherwise requires, “we,” “our,” and “us” refer to Aimco, Aimco Operating Partnership, and their consolidated subsidiaries, collectively.

As of June 30, 2023, Aimco owned 92.5% of the legal interest in the common partnership units of Aimco Operating Partnership and 94.9% of the economic interest in Aimco Operating Partnership. The remaining 7.5% legal interest is owned by limited partners. The common partnership units of Aimco Operating Partnership are referred to as "OP Units". As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management.

We own or lease a portfolio of real estate investments focused primarily on the U.S. multifamily sector. These real estate investments include: a portfolio of 26 operating apartment communities (22 consolidated properties with 5,640 apartment homes and four unconsolidated operating properties), diversified by both geography and price point; one commercial office building that is part of a land assemblage; one hotel, with 106 rooms; three residential apartment communities, with 1,185 apartment homes, of which 276 have been completed and an additional 909 are planned, and a single family rental community with 16 planned homes plus eight accessory dwelling units, which we are actively developing or redeveloping; land parcels held for development. Our real estate portfolio also includes two unconsolidated investments in land held for development. In addition, we hold other alternative investments, including our Mezzanine Investment (see Note 2 for further information); our investment in IQHQ, Inc. ("IQHQ"); and our investment in real estate technology funds.

Note 2 — Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP") have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.

The Condensed Consolidated Balance Sheets of Aimco and Aimco Operating Partnership as of December 31, 2022 have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2022. Except where indicated, the footnotes refer to both Aimco and Aimco Operating Partnership.

14

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

We consolidate a variable interest entity (“VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE.

As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company.

Certain reclassifications have been made to prior period amounts to conform to the current period condensed consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows.

Common Noncontrolling Interests in Aimco Operating Partnership

Common noncontrolling interests in Aimco Operating Partnership consist of OP Units held by third parties, and are reflected in Aimco’s accompanying Condensed Consolidated Balance Sheets as Common Noncontrolling Interests in Aimco Operating Partnership. Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including Aimco) outstanding during the period. For the periods ended June 30, 2023 and 2022, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.1%, and 5.0%, respectively. Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership.

Redeemable Noncontrolling Interests in Consolidated Real Estate Partnerships

Redeemable noncontrolling interests consist of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity.

Redeemable noncontrolling interests in consolidated real estate partnerships as of June 30, 2023, consists of the following: (i) a $102.0 million preferred equity interest in an entity that owns a portfolio of operating apartment communities and (ii) equity interests in two separate consolidated joint ventures that are actively developing residential apartment communities. Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements. These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheet as of June 30, 2023.

The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2022 to June 30, 2023 (in thousands):

Balance at December 31, 2022	$	166,826
Capital contributions		125
Distributions		(5,152	)
Net income		6,849
Balance at June 30, 2023	$	168,648

15

Mezzanine Investment

In November 2019, Aimco Predecessor made a five-year, $275.0 million mezzanine loan to the partnership owning the “Parkmerced Apartments” located in southwest San Francisco (the “Mezzanine Investment”). The loan bears interest at a 10% annual rate, accruing if not paid from property operations. Ownership of the subsidiaries that originated and hold the Mezzanine Investment was retained by AIR following the Separation.

The Separation Agreement with AIR provides for AIR to transfer ownership of the subsidiaries that originated and hold the Mezzanine Investment, a related equity option to acquire a 30% interest in the partnership owning Parkmerced Apartments and the interest rate option, or swaption, that provides partial protection against future refinancing risk to Aimco through 2024 once required third-party consents are received. At the time of Separation and as of the date of this filing, legal title of these subsidiaries had not yet transferred to us. Until legal title of the subsidiaries is transferred, AIR is obligated to pass payments received on the Mezzanine Investment to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment and have recognized an asset related to our right to receive the Mezzanine Investment from AIR.

On a periodic basis, we evaluate our Mezzanine Investment for impairment. We assess whether there are any indicators that imply the value of our investment may be impaired. These include assessments of both the underlying property performance and general market conditions in place. An investment is considered impaired if we determine that its fair value is less than the net carrying value of the investment on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include the loan’s maturity date, our intent and ability to retain our investment in the entity, and the financial condition and long-term prospects of the entity.

Prior to recording a non-cash impairment charge during the three months ended December 31, 2022, we recognized as income the net amounts earned on the Mezzanine Investment by AIR on its equity investment that were due to be paid to us when collected to the extent the income was supported by the change in the counterparty’s claim to the net assets of the underlying borrower. The income recognized primarily represented the interest accrued under the terms of the underlying Mezzanine Investment.

In June 2023, we closed on the sale of a 20% non-controlling participation in the Mezzanine Investment for $33.5 million. Pursuant to the terms of the agreement, the purchaser has the option to acquire the remaining 80% for an additional $134 million plus interest accruing at no less than 19% annually through May 2024 when the option expires. The purchaser pre-paid $4 million of interest at the time of closing. So long as the purchaser's option remains unexercised, Aimco receives a first priority return from any payments made to service or pay down the Mezzanine Investment equal to $134 million plus no less than a 19% annualized return as well as 80% of any residual payments after the purchaser receives a 10% annualized return on its subordinate investment. Additionally, Aimco is responsible for the servicing and administration of the Mezzanine Investment.

Because Aimco receives first priority and a higher annualized return than the purchaser, the sale and transfer of the financial interest does not qualify for sale accounting in accordance with GAAP. Therefore, the portion of the Mezzanine Investment that was sold, which has a carrying amount of $31.5 million, remains in Mezzanine investment in our Condensed Consolidated Balance Sheet. We have also recorded the cash received from the purchaser as a liability, which is included in Mezzanine investment - participation sold in our Condensed Consolidated Balance Sheet. Transaction costs have been deferred and presented as a direct reduction from the related liability in Mezzanine investment - participation sold in our Condensed Consolidated Balance Sheet. The cash flows associated with the Mezzanine investment - participation sold have been included in Cash Flows from Financing Activities in the Condensed Consolidated Statements of Cash Flows.

Income Tax Benefit (Expense)

Certain aspects of our operations, including our development and redevelopment activities, are conducted through taxable REIT subsidiaries, or TRS entities. Additionally, our TRS entities hold investments in one of our apartment communities and 1001 Brickell Bay Drive.

Our income tax benefit (expense) calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in Income tax benefit (expense) in our Condensed Consolidated Statements of Operations.

16

Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and gains retained by the REIT. For the three and six months ended June 30, 2023, we had consolidated net losses subject to tax of $2.5 million and $7.4 million, respectively. For the three and six months ended June 30, 2022, we had consolidated net income subject to tax of $181.4 million and $166.6 million, respectively.

For the three months ended June 30, 2023, we recognized an income tax benefit of $0.4 million, compared to income tax expense of $46.0 million during the same period in 2022. The change is due primarily to GAAP income taxes associated with the lease modification income recognized in the second quarter of 2022.

For the six months ended June 30, 2023, we recognized an income tax benefit of $4.6 million compared to income tax expense of $41.9 million during the same period in 2022. The change is primarily due to GAAP income taxes associated with the lease modification income recognized in the second quarter of 2022, as well as a change in the first quarter of 2023 to the effective state tax rate expected to apply to the reversal of deferred taxes.

Use of Estimates

The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates.

Cash Equivalents

We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions.

Restricted Cash

Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements.

Other Assets, net

Other assets were comprised of the following amounts (in thousands):

	June 30, 2023		December 31, 2022
Other investments	$	65,554	$	63,982
Deferred costs, deposits, and other		18,493		20,460
Prepaid expenses and real estate taxes		13,851		17,363
Intangible assets, net		13,632		14,160
Corporate fixed assets		9,341		8,371
Accounts receivable, net of allowances of $346 and $1,206 as of June 30, 2023 and December 31, 2022, respectively		4,202		4,079
Deferred tax assets		1,788		2,321
Due from third-party property manager		1,143		1,669
Due from affiliates		636		274
Total other assets, net	$	128,640	$	132,679

Recent Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04,“Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which provides optional expedients to debt, derivatives, and other contracts that refer to LIBOR or another reference rate expected to be discontinued because of reference rate reform. The original ASU was effective as of its issuance date and provided temporary relief through December 31, 2022, which was extended through December 31, 2024 by ASU 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848". We are transitioning to the Secured Overnight Financing Rate ("SOFR") effective July 1, 2023. There is not a material impact on our consolidated financial statements as a result of this transition.

17

Note 3 — Commitments and Contingencies

Commitments

In connection with our development, redevelopment, and other capital additions activities, we have entered into various construction-related contracts, and have made commitments to complete development and redevelopment of certain real estate, pursuant to financing or other arrangements. We expect to fund most of these commitments over the next 24 months. As of June 30, 2023, we had entered into construction-related contracts for $165.5 million, with $229.0 million undrawn on our construction loans.

As of June 30, 2023, we have remaining commitments of $3.2 million related to our unconsolidated joint ventures, which we expect to fund over the next twelve months. In addition, we have remaining commitments of $2.1 million related to our investments in property technology funds invested in entities that develop technology related to the real estate industry. The timing of the remaining funding of these commitments is uncertain.

We also enter into certain commitments for future purchases of goods and services in connection with the operations of our apartment communities. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to our historical expenditures.

Legal Matters

From time to time, we may be a party to certain legal proceedings. While the outcome of the legal proceedings cannot be predicted with certainty, we believe there are no legal proceedings pending that would have a material effect upon our financial condition or results of operations.

Note 4 — Earnings per Share and per Unit

Aimco and Aimco Operating Partnership calculate basic earnings per share and basic earnings per unit based on the weighted-average number of shares of Common Stock and OP Units outstanding. We calculate diluted earnings per share and diluted earnings per unit taking into consideration dilutive shares of Common Stock and OP Unit equivalents and dilutive convertible securities outstanding during the period.

Aimco's Common Stock and OP Unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in our issuance of additional shares of Common Stock and Aimco Operating Partnership’s issuance to us of additional OP Units equal to the number of shares of Common Stock purchased under the options. These equivalents also include unvested market-based restricted stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of Common Stock and OP Units outstanding equal to the number of the shares that vest. OP Unit equivalents also include unvested long-term incentive partnership units. The Common Stock and OP Unit equivalents were included in the computation of diluted earnings per share and unit for the three and six months ended June 30, 2022, because the effect of their inclusion was dilutive. However, the Common Stock and OP Unit equivalents were not included in the computation of diluted earnings per share and unit for the three and six months ended June 30, 2023, because the effect of their inclusion would be antidilutive. As of June 30, 2023, the Common Stock and OP Unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 3.7 million and 7.9 million, respectively.

Aimco's time-based restricted stock awards receive non-forfeitable dividends similar to shares of Common Stock and OP Units prior to vesting, and our market-based long-term incentive partnership units receive non-forfeitable distributions based on specified percentages of the distributions paid to OP Units prior to vesting and conversion. The unvested restricted shares and units related to these awards are participating securities. We include the effect of participating securities in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. Participating securities were included in the computation of diluted earnings per share and unit for the three and six months ended June 30, 2022, because the effect of their inclusion was dilutive. However, participating securities are not included in the computation of diluted earnings per share and unit for the three and six months ended June 30, 2023, because the effect of their inclusion would be antidilutive. As of June 30, 2023, participating securities that could potentially dilute basic earnings per share or unit in future periods totaled 2.5 million.

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Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three and six months ended June 30, 2023 and 2022, are as follows (in thousands, except per share and per unit data):

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Earnings per share
Numerator:
Net income (loss) attributable to Aimco	$	(3,602	)	$	239,137		$	(12,419	)	$	247,346
Net income allocated to Aimco participating securities		—			(3,284	)		—			(3,410	)
Net income (loss) attributable to Aimco common stockholders	$	(3,602	)	$	235,853		$	(12,419	)	$	243,936
Denominator - shares:
Basic weighted-average common stock outstanding		144,195			149,600			145,007			149,694
Diluted share equivalents outstanding		—			823			—			966
Diluted weighted-average common stock outstanding		144,195			150,423			145,007			150,660
Earnings (loss) per share - basic	$	(0.02	)	$	1.58		$	(0.09	)	$	1.63
Earnings (loss) per share - diluted	$	(0.02	)	$	1.57		$	(0.09	)	$	1.62
Earnings per unit
Numerator:
Net income (loss) attributable to Aimco Operating Partnership	$	(3,780	)	$	251,796		$	(13,071	)	$	260,440
Net income allocated to Aimco Operating Partnership participating securities		—			(3,423	)		—			(3,551	)
Net income (loss) attributable to Aimco Operating Partnership's common unit holders	$	(3,780	)	$	248,373		$	(13,071	)	$	256,889
Denominator - units
Basic weighted-average common partnership units outstanding		151,966			157,525			152,795			157,621
Diluted partnership unit equivalents outstanding		-			922			-			1,045
Diluted weighted-average common partnership units outstanding		151,966			158,447			152,795			158,666
Earnings (loss) per unit - basic	$	(0.02	)	$	1.58		$	(0.09	)	$	1.63
Earnings (loss) per unit - diluted	$	(0.02	)	$	1.57		$	(0.09	)	$	1.62

Note 5 — Fair Value Measurements and Disclosures

Recurring Fair Value Measurements

From time to time we purchase interest rate swaps, caps, and other instruments to provide protection against increases in interest rates on our variable rate debt. As of June 30, 2023, we held interest rate swaps and caps with $473.2 million notional value. These instruments were acquired for $5.1 million, and the fair value of these instruments is noted in the table below.

During the three months ended June 30, 2023, we monetized the $1.5 billion notional amount interest rate swaption, purchased in conjunction with the Mezzanine Investment to protect against future interest rate increases, for gross proceeds of $54.2 million. We invested the $53.1 million net proceeds in a three-month treasury instrument, reflected in Cash and cash equivalents in our Condensed Consolidated Balance Sheet, that had a carrying value of $53.6 million as of June 30, 2023, which also approximated its fair value.

On a recurring basis, we measure at fair value our interest rate options. Our interest rate options are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in Realized and unrealized gains (losses) on interest rate options in our Condensed Consolidated Statements of Operations. Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, any upfront premium is reflected in Purchase of interest rate options, and any proceeds are reflected in Proceeds from interest rate options in our Condensed Consolidated Statements of Cash Flows.

As of June 30, 2023 and December 31, 2022, we have an investment in stock of $3.4 million and $1.2 million, respectively, classified within Level 1 of the GAAP fair value hierarchy. In addition, as of June 30, 2023 and December 31, 2022, we have investments in property technology funds of $2.4 million and $3.1 million, respectively, in entities that develop technology related to the real estate industry. These investments are measured at net asset value (“NAV”) as a practical expedient.

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The following table summarizes the fair value for our interest rate options and our investments in real estate technology funds as of June 30, 2023 , and December 31, 2022 (in thousands):

	As of June 30, 2023								As of December 31, 2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Interest rate options	$	8,957	$	—	$	8,957	$	—	$	62,259	$	—	$	62,259	$	—
Investment in stock	$	3,443	$	3,443	$	—	$	—	$	1,179	$	1,179	$	—	$	—
Investments in real estate technology funds (1)	$	2,422	$	—	$	—	$	—	$	3,117	$	—	$	—	$	—

(1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy.

Fair Value Disclosures

We believe that the carrying value of the consolidated amounts of cash and cash equivalents, restricted cash, accounts receivable and payables approximated their fair value as of June 30, 2023, and December 31, 2022, due to their relatively short-term nature and high probability of realization. We estimate the fair value of our debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, debt service coverage ratios, and loan to value ratios. We classify the fair value of our non-recourse property debt and construction loans within Level 2 of the GAAP valuation hierarchy based on the significance of certain of the unobservable inputs used to estimate their fair value.

The following table summarizes the carrying value and fair value of our non-recourse property debt, and construction loans as of June 30, 2023, and December 31, 2022 (in thousands):

	As of June 30, 2023				As of December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse property debt	$	876,935	$	826,108	$	938,476	$	878,804
Construction loans		201,990		201,632		126,317		125,954
Total	$	1,078,925	$	1,027,740	$	1,064,793	$	1,004,758

Note 6 — Variable Interest Entities

We evaluate our investments in limited partnerships and similar entities in accordance with applicable consolidation guidance to determine whether each such entity is a VIE. The accounting standards for the consolidation of VIEs require qualitative assessments to determine whether we are the primary beneficiary. The primary beneficiary analysis is based on power and economics. We conclude that we are the primary beneficiary and consolidate the VIE if we have both: (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. Significant judgments and assumptions related to these determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

We consolidate Aimco Operating Partnership, a VIE of which we are the primary beneficiary. Through Aimco Operating Partnership, we consolidate all VIEs for which we are the primary beneficiary. Substantially all of our assets and liabilities are those of Aimco Operating Partnership.

Aimco Operating Partnership is the primary beneficiary, and therefore consolidates its five VIEs that own interests in real estate. Assets of our consolidated VIEs must first be used to settle the liabilities of those VIEs. The consolidated VIEs' creditors do not have recourse to the general credit of Aimco Operating Partnership.

In addition, we have eight unconsolidated VIEs for which we are not the primary beneficiary because we are not their primary decision maker. The eight unconsolidated VIEs include four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California, the Mezzanine Investment, our passive equity investment in IQHQ, and our two unconsolidated investments in land held for development in Miami, Florida and Bethesda, Maryland. Our maximum exposure to loss because of our involvement with the unconsolidated VIEs is limited to the carrying value of their assets.

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The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of June 30, 2023, and December 31, 2022 (in thousands, except for VIE count):

	As of June 30, 2023				As of December 31, 2022
	Consolidated		Unconsolidated		Consolidated		Unconsolidated
Count of VIEs	5		8		5		8
Assets
Real estate, net	$	375,145	$	—	$	258,529	$	—
Cash and cash equivalents		4,541		—		5,075		—
Restricted Cash		7,675		—		1,747		—
Mezzanine investment		—		158,301		—		158,558
Interest rate options		4,887		—		3,900		—
Right-of-use lease assets		109,631		—		110,269		—
Unconsolidated real estate partnerships		—		20,808		—		15,789
Other assets, net		23,027		59,883		25,623		59,823
Liabilities
Accrued liabilities and other		49,373		—		26,003		—
Non-recourse property debt, net		22,779		—		22,689		—
Construction loans, net		102,230		—		40,013		—
Lease liabilities		116,593		—		114,625		—
Mezzanine investment - participation sold		—		33,977		—		—

Note 7 — Lease Arrangements

Aimco as Lessor

The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and commercial tenants primarily for utility reimbursements and other services.

For the three and six months ended June 30, 2023 and 2022, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands):

Aimco as Lessee

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Fixed lease income	$	42,208	$	46,851	$	83,213	$	92,982
Variable lease income		3,244		3,673		6,406		7,409
Total lease income	$	45,452	$	50,524	$	89,619	$	100,391

Finance Lease Arrangements

We are lessee to finance leases for the land underlying the development sites at Upton Place, Strathmore Square, and Oak Shore.

As of June 30, 2023 and December 31, 2022, our finance leases had weighted-average remaining terms of 93.8 years and 94.2 years, respectively, and weighted-average discount rates of 6.1% at both period ends.

For the three and six months ended June 30, 2023, amortization related to our finance leases was $0.0 million for both periods, net of amounts capitalized, compared to $3.4 million and $6.7 million, respectively, for the three and six months ended June 30, 2022.

For the three and six months ended June 30, 2023, we capitalized $2.1 million and $4.2 million, respectively, of lease costs associated with active development and redevelopment projects on certain of the underlying property and ground lease assets, compared to $1.8 million and $4.8 million, respectively, for the three and six months ended June 30, 2022.

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Operating Lease Arrangements

We have operating leases primarily for corporate office space. Substantially all of the payments under our office leases are fixed. As of June 30, 2023 and December 31, 2022, our operating leases had weighted-average remaining terms of 5.6 years and 6.3 years, respectively, and weighted-average discount rates of 3.3%, and 3.4%, respectively.

We record operating lease expense on a straight-line basis over the lease term. Total operating lease expense for the three and six months ended June 30, 2023 was $0.4 million and $0.8 million, respectively, compared to $0.2 million and $0.3 million, respectively, for the three and six months ended June 30, 2022. As of June 30, 2023 and December 31, 2022, operating lease right-of-use lease assets of $6.9 million and $6.7 million, respectively, are included in Other assets, net in our Condensed Consolidated Balance Sheets. As of June 30, 2023 and December 31, 2022, operating lease liabilities of $12.7 million and $12.8 million, respectively, are included in Accrued liabilities and other in our Condensed Consolidated Balance Sheets.

For finance and operating leases, when the rate implicit in the lease cannot be determined, we estimate the value of our lease liabilities using discount rates equivalent to the rates we would pay on a secured borrowing with terms similar to the leases. We determine if an arrangement is or contains a lease at inception. We have lease agreements with lease and non-lease components, and have elected to not separate these components for all classes of underlying assets. Leases with an initial term of 12 months or less are not recorded in our Condensed Consolidated Balance Sheets. Leases with initial terms greater than 12 months are recorded as operating or finance leases in our Condensed Consolidated Balance Sheets.

Office Space Sublease

We have a sublease arrangement to provide space within our corporate office for fixed rents, which commenced on January 1, 2021 and expires on May 31, 2029. For the three and six months ended June 30, 2023, we recognized sublease income of $0.4 million and $0.7 million, respectively, compared to $0.4 million and $0.7 million, respectively, for the three and six months ended June 30, 2022.

Annual Future Minimum Lease Payments

Combined minimum annual lease payments under operating and finance leases, and sublease income that offsets our operating lease rent, are as follows (in thousands):

	Sublease Income and Lease Modification Income		Operating Lease Future Minimum Rent			Finance Leases Future Minimum Payments
Remainder of 2023	$	704	$	1,271		$	1,451
2024		1,413		2,657			3,921
2025		1,423		2,355			4,437
2026		1,433		2,341			4,954
2027		1,443		2,380			5,483
Thereafter		2,083		3,023			1,433,296
Total	$	8,499		14,027			1,453,542
Less: Discount				(1,283	)		(1,336,949	)
Total lease liabilities			$	12,744		$	116,593

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Note 8 — Business Segments

We have three segments: (i) Development and Redevelopment; (ii) Operating; and (iii) Other.

Our Development and Redevelopment segment consists of properties that are under construction or have not achieved stabilization, as well as land held for development. As of June 30, 2023, our Development and Redevelopment segment consists of 12 properties: three residential apartment communities with 1,185 apartment homes, of which 276 have been completed and an additional 909 are planned, a single family rental community with 16 planned homes plus eight accessory dwelling units, which we are actively developing or redeveloping; one hotel with 106 rooms and 18,000 square feet of event space completed in April 2023, and land parcels held for development.

Our Operating segment includes 21 residential apartment communities with 5,600 apartment homes that have achieved a stabilized level of operations as of January 1, 2022 and maintained it throughout the current year and comparable period. We aggregate all our apartment communities that have reached stabilization into our Operating segment.

During the first quarter of 2023, we reclassified one residential apartment community from the Other segment to the Operating segment because it reached stabilization. Prior period segment information has been recast based upon our current segment population, and is consistent with how our chief operating decision maker ("CODM") evaluates the business. The recast conforms with our reportable segment classification as of June 30, 2023.

Our Other segment consists of properties currently owned that are not included in our Development and Redevelopment or Operating segments. Our Other segment includes 1001 Brickell Bay Drive, our only office building, and St. George Villas.

Our CODM uses cash flow, construction timeline to completion, and actual versus budgeted results to evaluate our properties in our Development and Redevelopment segment. Our CODM uses proportionate property net operating income to assess the operating performance of our Operating segment. Proportionate property net operating income is defined as our share of rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, including utility reimbursements, for the consolidated communities; but

•excluding the results of four apartment communities with an aggregate 142 apartment homes that we neither manage nor consolidate, our investment in IQHQ and the Mezzanine Investment; and

•excluding property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance.

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The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the three months ended June 30, 2023 and 2022 (in thousands):

	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)			Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended June 30, 2023
Rental and other property revenues	$	3,640	$	37,011	$	3,432	$	1,591		$	—		$	45,674
Property operating expenses		2,684		11,496		1,520		1,627			1,456			18,783
Other operating expenses not allocated    to segments (3)		—		—		—		—			24,921			24,921
Total operating expenses		2,684		11,496		1,520		1,627			26,377			43,704
Proportionate property net operating    income (loss)		956		25,515		1,912		(36	)		(26,377	)		1,970
Other items included in income before    income tax (4)		—		—		—		—			(2,243	)		(2,243	)
Income (loss) before income tax	$	956	$	25,515	$	1,912	$	(36	)	$	(28,620	)	$	(273	)

	Development and Redevelopment			Operating		Other		Proportionate and Other Adjustments(1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended June 30, 2022
Rental and other property revenues	$	33		$	33,809	$	3,645	$	1,461	$	11,749		$	50,697
Property operating expenses		363			10,563		1,138		1,439		6,205			19,708
Other operating expenses not allocated    to segments (3)		—			—		—		—		43,824			43,824
Total operating expenses		363			10,563		1,138		1,439		50,029			63,532
Proportionate property net operating    income (loss)		(330	)		23,246		2,507		22		(38,280	)		(12,835	)
Other items included in income before    income tax (4)		—			—		—		—		312,003			312,003
Income (loss) before income tax	$	(330	)	$	23,246	$	2,507	$	22	$	273,723		$	299,168

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The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the six months ended June 30, 2023 and 2022 (in thousands):

	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)			Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Six Months Ended June 30, 2023
Rental and other property revenues	$	5,842	$	73,683	$	7,129	$	3,288		$	—		$	89,942
Property operating expenses		4,708		22,683		2,712		3,304			2,880			36,287
Other operating expenses not allocated    to segments (3)		—		—		—		—			49,595			49,595
Total operating expenses		4,708		22,683		2,712		3,304			52,475			85,882
Proportionate property net operating    income (loss)		1,134		51,000		4,417		(16	)		(52,475	)		4,060
Other items included in income before    income tax (4)		—		—		—		—			(14,282	)		(14,282	)
Income (loss) before income tax	$	1,134	$	51,000	$	4,417	$	(16	)	$	(66,757	)	$	(10,222	)

	Development and Redevelopment			Operating		Other		Proportionate and Other Adjustments(1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Six Months Ended June 30, 2022
Rental and other property revenues	$	81		$	66,739	$	8,000	$	3,122	$	22,749		$	100,691
Property operating expenses		572			20,960		2,577		3,076		11,744			38,929
Other operating expenses not allocated    to segments (3)		—			—		—		—		76,414			76,414
Total operating expenses		572			20,960		2,577		3,076		88,158			115,343
Proportionate property net operating    income (loss)		(491	)		45,779		5,423		46		(65,409	)		(14,652	)
Other items included in income before    income tax (4)		—			—		—		—		319,876			319,876
Income (loss) before income tax	$	(491	)	$	45,779	$	5,423	$	46	$	254,467		$	305,224

(1)Represents adjustments for noncontrolling interests in consolidated real estate partnerships' share of the results of consolidated communities in our segments, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements, which are included in Rental and other property revenues in our Condensed Consolidated Statements of Operations, in accordance with GAAP, from revenues to property operating expenses for the purpose of evaluating segment results.

(2)Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any. Also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure.

(3)Other operating expenses not allocated to segments consist of depreciation and amortization and general and administrative expense.

(4)Other items included in Income before income tax benefit consist primarily of lease modification income, gain on dispositions of real estate, interest expense, mezzanine investment income (loss), net realized and unrealized gains (losses) on interest rate options, and realized and unrealized gains (losses) on equity investments.

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Net real estate and non-recourse property debt, net, of our segments as of June 30, 2023 and December 31, 2022, were as follows (in thousands):

	Development and Redevelopment			Operating			Other			Total
As of June 30, 2023:
Buildings and improvements	$	599,807		$	702,884		$	165,041		$	1,467,732
Land		226,161			262,409			150,090			638,660
Total real estate		825,968			965,293			315,131			2,106,392
Accumulated depreciation		(7,385	)		(472,573	)		(68,358	)		(548,316	)
Net real estate	$	818,583		$	492,720		$	246,773		$	1,558,076
Non-recourse property debt and construction loans, net	$	218,468		$	766,453		$	80,741		$	1,065,662

	Development and Redevelopment			Operating			Other			Total
As of December 31, 2022:
Buildings and improvements	$	449,316		$	708,665		$	164,400		$	1,322,381
Land		228,568			262,409			150,125		$	641,102
Total real estate		677,884			971,074			314,525			1,963,483
Accumulated depreciation		(2,378	)		(468,428	)		(59,916	)	$	(530,722	)
Net real estate	$	675,506		$	502,646		$	254,609		$	1,432,761
Non-recourse property debt and construction loans, net	$	200,135		$	767,513		$	80,551		$	1,048,199

In addition to the amounts disclosed in the tables above, as of June 30, 2023 the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $109.6 million and $116.6 million, respectively, and as of December 31, 2022, aggregated to $110.3 million and $114.6 million, respectively. As of June 30, 2023 and December 31, 2022, right-of-use lease assets and lease liabilities primarily relate to our investments in Upton Place, Strathmore, and Oak Shore.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements in certain circumstances. Certain information included in this Quarterly Report on Form 10-Q contains or may contain information that is forward-looking within the meaning of the federal securities laws, including, without limitation, statements regarding: our future plans and goals, including our pipeline investments and projects, our plans to eliminate certain near term debt maturities, our estimated value creation and potential, our timing, scheduling and budgeting, projections regarding lease growth, our plans to form joint ventures, our plans for new acquisitions or dispositions, our strategic partnerships and value added therefrom, and changes to our corporate governance.

These forward-looking statements are based on management’s judgment as of this date, which is subject to risks and uncertainties that could cause actual results to differ materially from our expectations, including, but not limited to: the risk that the 2023 plans and goals may not be completed, as expected, in a timely manner or at all, the inability to recognize the anticipated benefits of the pipeline investments and projects, changes in general economic conditions, including, increases in interest rates and other force-majeure events and such other risks and uncertainties described from time to time in our filings with the Securities and Exchange Commission (“SEC”).

In addition, our current and continuing qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, as amended (the “Code”) and depends on our ability to meet the various requirements imposed by the Code through actual operating results, distribution levels and diversity of stock ownership.

Readers should carefully review our financial statements and the notes thereto, as well as Item 1A. Risk Factors in Part II of this report. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included elsewhere in this Quarterly Report on Form 10-Q. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Readers should also carefully review the section entitled “Risk Factors” described in Item 1A of Apartment Investment and Management Company’s and Aimco OP L.P.’s combined Annual Report on Form 10-K for the year ended December 31, 2022, and subsequent documents we file from time to time with the SEC.

As used herein and except as the context otherwise requires, “we,” “our,” and “us” refer to Apartment Investment and Management Company (which we refer to as Aimco), Aimco OP L.P. (which we refer to as Aimco Operating Partnership) and their consolidated subsidiaries, collectively.

Certain financial and operating measures found herein and used by management are not defined under accounting principles generally accepted in the United States ("GAAP"). These measures are defined and reconciled to the most comparable GAAP measures under the Non-GAAP Measures heading.

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Executive Overview

Our mission is to make real estate investments, primarily focused on the multifamily sector within targeted U.S. markets, where outcomes are enhanced through our human capital and substantial value is created for investors, teammates, and the communities in which we operate.

Our value proposition includes our:

•Platform, consisting of a cohesive, talented, and tenured team with diverse real estate industry experience combined with a disciplined and proven investment process;

•Diversified portfolio, consisting of in-process value-add investments, a deep pipeline, which includes approximately 14 million square feet of potential future development, a national portfolio of stabilized multifamily real estate and limited indirect and passive investments; and

•Capital redeployment plan of prudent recycling of capital, reallocating our equity to higher returning investments.

Our primary goal is outsized risk adjusted returns and accelerating growth for our shareholders. We are focused on providing superior total-return performance to shareholders, primarily through capital appreciation driven by accretive investment and active portfolio management over multi-year periods. We plan to reinvest earnings to facilitate growth and, therefore, do not presently intend to pay a regular quarterly cash dividend.

Our financial objectives are to create value and produce superior, project-level, risk-adjusted returns on equity as measured by the investment period Internal Rate of Return (“IRR”) and the project-level Multiple on Invested Capital (“MOIC”). We measure broader performance based on Net Asset Value (“NAV”) growth over time.

Our capital allocation strategy is designed to leverage our investment platform and optimize risk-adjusted returns for our shareholders.

Aimco targets a balanced allocation, which includes investments in “Value Add” and “Opportunistic” multifamily real estate, primarily located in Southeast Florida, the Washington D.C. Metro Area and Colorado's Front Range, plus investment in a geographically diversified portfolio of "Core" and "Core-Plus" apartment communities.

In addition, we currently hold select alternative assets, consisting primarily of indirect, real estate related debt and equity investments. We have reduced our allocation to these investments and plan to continue to significantly reduce our allocation over time.

We have policies in place that support our stated strategy, guide our investment allocations, and manage risk, including to hold at all times a sizeable portion of our net equity in stabilized cash-flowing assets and to require cash or committed credit necessary for completion of development and redevelopment projects prior to their commencement.

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Given our stated strategy, it is expected that at any point in time the value-creation process will be ongoing at numerous of our investments. Over time, we expect our enterprise to produce superior returns on equity on a risk-adjusted basis and it is our plan to do so by:

•Benefiting from a national platform while leveraging local and regional expertise

We have corporate headquarters in Denver, Colorado and Washington D.C. Our investment platform is managed by experienced professionals based in three regions, where we will focus our new investment activity: Southeast Florida, the Washington D.C. Metro Area and Colorado's Front Range. By regionalizing this platform, we are able to leverage the in-depth local market knowledge of each regional leader, creating a comparative advantage when sourcing, evaluating, and executing investment opportunities.

•Managing and investing in value-add and opportunistic real estate

Our dedicated team will source and execute development and redevelopment projects, and various other direct investment strategies. Our development and redevelopment portfolio currently includes projects in construction and lease-up. In addition, our team has secured significant, high-quality, future development opportunities, including total potential of more than 14 million square feet, located in high-growth markets. Generally, we seek direct investment opportunities in locations where barriers to entry are high, target customers can be clearly defined and where we have a comparative advantage over others in the market.

•Owning a portfolio of stabilized core and core plus real estate

Our entire portfolio of operating properties includes 26 apartment communities (22 consolidated properties and four unconsolidated properties) with average rents in line with local market averages (generally defined as B class). We also own one commercial office building that is part of an assemblage with an adjacent apartment building. The target composition of our stabilized portfolio will continue to include primarily B multifamily assets, spread across a geographically diversified portfolio, with a bias toward long established residential neighborhoods that rank highly in regard to schools, employment fundamentals and state and regional governance. Core-Plus opportunities offer the opportunity for incremental capital investment while maintaining stabilized cashflow to accelerate income growth and improve asset values.

•Managing and continuing to reduce our allocation to alternative investments, over time

We currently hold select alternative investments, the majority of which originated with Aimco Predecessor and, over time, plan to significantly reduce capital allocated to these investments. Our current allocation to alternative investments includes: our indirect interest in the Mezzanine Investment to the Parkmerced partnership, which owns 3,165 apartment homes and future development rights in San Francisco, California, and our passive equity investments in IQHQ, Inc. ("IQHQ"), a privately-held life sciences real estate development company, and in property technology funds consisting of entities that develop technology related to the real estate industry. In June 2023, we made significant progress on our plan to reduce capital allocated to alternative investments through the partial sale of the Mezzanine Investment, as discussed further below.

•Maintaining sufficient liquidity and utilizing safe financial leverage

We will guard our liquidity at all times by maintaining sufficient cash and committed credit.

From time-to-time, we will allocate capital to financial assets designed to mitigate risks. Existing examples include our use of interest rate caps to provide protection against increases in interest rates on in-place loans.

We expect to capitalize our activities through a combination of non-recourse property debt, construction loans, third-party equity, and the recycling of Aimco equity, including retained earnings. We plan to limit the use of recourse leverage, with a strong preference towards non-recourse property-level debt to limit risk to the Aimco enterprise. When warranted, we plan to seek equity capital from joint venture partners to improve our cost of capital, further leverage Aimco equity, reduce exposure to a single investment and, in certain cases, for strategic benefits.

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The results from the execution of our business plan during the three and six months ended June 30, 2023 are further described below.

Financial Results and Recent Highlights

•For the three and six months ended June 30, 2023, net loss attributable to Aimco common stockholders per share, on a fully dilutive basis, was ($0.02) and ($0.09), respectively, compared to net income per share of $1.57 and $1.62, respectively, for the same periods in 2022 due primarily to the second quarter 2022 recognition of income resulting from the agreement to terminate the leased property agreements with AIR and gains in the same period related to the sale of an apartment community.

•For the three months ended June 30, 2023, revenue and net operating income from our Stabilized Operating Properties were up 9.5% and 9.8%, respectively, year over year, with average monthly revenue per apartment home of $2,291, up $230 year over year. For the six months ended June 30, 2023, revenue and net operating income from our Stabilized Operating Properties were up 10.4% and 11.4%, respectively, year over year, with average monthly revenue per apartment home of $2,259, up $234 year over year.

•During the three months ended June 30, 2023, we closed on the partial sale of the Parkmerced mezzanine loan, making significant progress on our planned reduction of capital allocated to alternative investments. In total, we have monetized $91.5 million of our Parkmerced investments and, subject to closing the remaining investment, may realize additional proceeds of approximately $156 million.

•During the three months ended June 30, 2023, we repaid a $60 million floating interest rate land loan when it became prepayable at par reducing our weighted average cost of debt for our developments and land holdings, at the time of payoff, by approximately 90 basis points.

Value Add, Opportunistic & Alternative Investments

Development and Redevelopment

We generally seek development and redevelopment opportunities where barriers to entry are high, target customers can be clearly defined, and where we have a comparative advantage over others in the market. We will focus our new investment activity in Southeast Florida, the Washington D.C. Metro Area and Colorado's Front Range. Our Value Add and Opportunistic investments may also target portfolio acquisitions, operational turnarounds, and re-entitlements.

We currently have five active development and redevelopment projects, located in four U.S. markets, in varying phases of construction and lease-up. These projects remain on track, as measured by budget, lease-up metrics, and current market valuations. Additionally, we have a pipeline of future value-add opportunities totaling approximately 14 million gross square feet of development in our target markets of Southeast Florida, the Washington D.C. Metro, and Colorado's Front Range. During the three and six months ended June 30, 2023, we invested $81.1 million and $145.9 million, respectively, in development and redevelopment activities.

Updates include:

•Construction and repositioning of The Hamilton, a 276 unit bayfront apartment community in Miami, Florida, is now complete. Demand for rental housing in Southeast Florida remains robust, especially for unique waterfront properties, and the property was 95% leased or pre-leased as of June 30, 2023, at rates more than 20% ahead of underwritten rents. Aimco now expects occupancy to stabilize in the third quarter, ahead of prior expectations.

•Construction is progressing on plan at the first phase of Strathmore Square in Bethesda, Maryland, which will contain 220 highly tailored apartment homes with initial delivery on track for the second half of 2024. This suburban infill project is located adjacent to the Grosvenor-Strathmore Metro station and the Strathmore Performing Arts Campus, and is 1.5 miles from The National Institutes of Health main campus. Funding for the $164.0 million project is fully secured with Aimco having already funded 100% of its equity commitment.

•Construction continues on schedule and on budget at Upton Place in Northwest Washington, D.C. We plan to start pre-leasing Upton’s 689 apartment homes in July 2023 in anticipation of initial delivery in the fourth quarter of 2023. As of June 30, 2023, 80% of the project's 105,000 square feet of retail space has been leased and Aimco has received letters of intent from, or is in lease negotiations with, retailers on another 18%.

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•Construction is ongoing at Oak Shore, in Corte Madera, California, where 16 luxury single family rental homes and eight accessory dwelling units are being developed. We expect to deliver the first homes in the third quarter with pre-leasing efforts underway.

•Construction of the Benson Hotel and Faculty Club, a 106-key boutique hotel and event center, with 18,000 square feet of event space, located on the Anschutz Medical Campus in Aurora, Colorado is complete and open to guests. As the only ‘on campus’ accommodations, The Benson is garnering strong interest from the many departments and offices located on the surrounding Anschutz Medical Campus, which includes The University of Colorado Medical School, UC Health Hospital, Children’s Hospital Colorado, The Rocky Mountain VA Medical Center and the burgeoning Fitzsimons Innovation Community.

•In the three months ended June 30, 2023, we invested $4.0 million into our future development pipeline projects located in Southeast Florida, the Washington D.C. Metro, and Colorado’s Front Range. Programming, design, documentation and entitlement efforts continue with projected unit counts and rentable square footage on track to meet or exceed initial projections. As part of our capital allocation strategy, we may choose to monetize certain of our pipeline assets prior to vertical construction in an effort to maximize value add and risk adjusted returns.

Alternative Investments

Our current alternative investments are primarily those investments originated by Aimco Predecessor and include a Mezzanine Investment to the Parkmerced partnership secured by a stabilized multifamily property with an option to participate in future multifamily development, as well as three passive equity investments. Over time, we plan to significantly reduce capital allocated to these investments.

Updates for our alternative investments include:

•In June, Aimco made significant progress on its plan to reduce capital allocated to alternative investments through the partial sale of the Parkmerced mezzanine loan. Aimco closed a 20% non-controlling position for $33.5 million with the purchaser having the option to acquire the remaining 80% for an additional $134 million plus interest accruing at no less than 19% annually through May 2024. At the time of closing the purchaser pre-paid $4 million of interest to Aimco and is expected to pay another $7 million prior to year end.

Investment Activity

We are focused on growing the business, and delivering strong investment returns, through development and redevelopment activities, funded primarily through third-party capital. In the three months ended June 30, 2023, no new investments were made.

Operating Property Results

We own a diversified portfolio of stabilized apartment communities located in eight major U.S. markets with average rents in line with local market averages. We also own a commercial office building that is part of an assemblage with an adjacent apartment building.

Highlights for the three months ended June 30, 2023 include:

•Revenue for our Operating segment for the three months ended June 30, 2023, was $37.0 million, up 9.5% year over year, resulting from a $230 increase in average monthly revenue per apartment home to $2,291, partially offset with a 140-basis point decrease in Average Daily Occupancy to 96.2%.

•Expenses for our Operating segment for the three months ended June 30, 2023, were $11.5 million, up 8.8% year-over-year due primarily to higher real estate taxes and insurance.

•Net operating income for our Operating segment for the three months ended June 30, 2023 was $25.5 million, up 9.8% year-over-year.

•1001 Brickell Bay Drive, a waterfront office building in Miami, Florida, is owned as part of a larger assemblage with substantial development potential. Following first quarter lease expirations, as of June 30, 2023, the building was 77% occupied.

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Balance Sheet and Financing Activity

We are highly focused on maintaining a strong balance sheet, including having at all times ample liquidity. As of June 30, 2023, we had access to $342.4 million in liquidity, including $165.0 million of cash on hand, $27.4 million of restricted cash, and the capacity to borrow up to $150.0 million on our revolving credit facility. Refer to the Liquidity and Capital Resources section for additional information regarding our leverage.

Financial Results of Operations

We have three segments: (i) Development and Redevelopment, (ii) Operating, and (iii) Other.

Our Development and Redevelopment segment includes properties that are under construction or have not achieved stabilization, as well as land assemblages that are being held for future development. Our Operating segment includes 21 residential apartment communities that have achieved stabilized levels of operations as of January 1, 2022 and maintained it throughout the current year and comparable period. We aggregate all our apartment communities that have reached stabilization into our Operating segment. Our Other segment consists of properties currently owned that are not included in our Development and Redevelopment or Operating segments.

The following discussion and analysis of the results of our operations and financial condition should be read in conjunction with the accompanying condensed consolidated financial statements included in Item 1.

Results of Operations for the three and six months ended June 30, 2023 and 2022

Net income attributable to Aimco common stockholders decreased by $242.7 million and $259.8 million, respectively, for the three and six months ended June 30, 2023, compared to the same period in 2022, as described more fully below.

Property Results

As of June 30, 2023, our Development and Redevelopment segment included 12 properties, three of which were properties that were under construction and two of which were recently completed, while the remaining were land held for development. Our Operating segment included 21 communities with 5,600 apartment homes, and our Other segment included 1001 Brickell Bay Drive, our only office building, and St. George Villas. During the first quarter of 2023, we reclassified one residential apartment community from the Other segment to the Operating segment because it reached stabilization. Prior period segment information has been recast based upon our current segment population, and is consistent with how our CODM evaluates the business. The recast conforms with our reportable segment classification as of June 30, 2023.

We use proportionate property net operating income to assess the operating performance of our segments. Proportionate property net operating income is defined as our share of rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, including utility reimbursements, for the consolidated communities; but

•excluding the results of four apartment communities with an aggregate 142 apartment homes that we neither manage nor consolidate, our investment in IQHQ and the Mezzanine Investment; and

•excluding property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance.

Please refer to Note 8 to the condensed consolidated financial statements in Item 1 for further discussion regarding our segments, including a reconciliation of these proportionate amounts to consolidated rental and other property revenues and property operating expenses.

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Proportionate Property Net Operating Income

The results of our segments for the three months ended June 30, 2023 and 2022, as presented below, are based on segment classifications as of June 30, 2023:

	Three Months Ended June 30,
(in thousands)	2023		2022			$ Change			% Change
Rental and other property revenues, before utility reimbursements:
Development and Redevelopment	$	3,640	$	33		$	3,607			100.0	%
Operating		37,011		33,809			3,202			9.5	%
Other		3,432		3,645			(213	)		(5.8	%)
Total		44,083		37,487			6,596			17.6	%
Property operating expenses, net of utility reimbursements:
Development and Redevelopment		2,684		363			2,321			100.0	%
Operating		11,496		10,563			933			8.8	%
Other		1,520		1,138			382			33.6	%
Total		15,700		12,064			3,636			30.1	%
Proportionate property net operating income:
Development and Redevelopment		956		(330	)		1,286			(100.0	%)
Operating		25,515		23,246			2,269			9.8	%
Other		1,912		2,507			(595	)		(23.7	%)
Total	$	28,383	$	25,423		$	2,960			11.6	%

For the three months ended June 30, 2023, compared to the same period in 2022:

•Development and Redevelopment proportionate property net operating income increased by $1.3 million due to the lease up of apartment homes at The Hamilton.

•Operating proportionate property net operating income increased by $2.3 million, or 9.8%. The increase was attributable primarily to a $3.2 million, or 9.5% increase in rental and other property revenues due to higher average revenues of $230 per apartment home, offset with a 140-basis point decrease in Average Daily Occupancy to 96.2%.

•Other proportionate property net operating income decreased by $0.6 million, or 23.7%, primarily at our commercial office building in Miami, Florida from lower occupancy following lease expirations earlier in 2023.

The results of our segments for the six months ended June 30, 2023 and 2022, as presented below, are based on segment classifications as of June 30, 2023:

	Six Months Ended June 30,
(in thousands)	2023		2022			$ Change			% Change
Rental and other property revenues, before utility reimbursements:
Development and Redevelopment	$	5,842	$	81		$	5,761			100.0	%
Operating		73,683		66,739			6,944			10.4	%
Other		7,129		8,000			(871	)		(10.9	%)
Total		86,654		74,820			11,834			15.8	%
Property operating expenses, net of utility reimbursements:
Development and Redevelopment		4,708		572			4,136			100.0	%
Operating		22,683		20,960			1,723			8.2	%
Other		2,712		2,577			135			5.2	%
Total		30,103		24,109			5,994			24.9	%
Proportionate property net operating income:
Development and Redevelopment		1,134		(491	)		1,625			(100.0	%)
Operating		51,000		45,779			5,221			11.4	%
Other		4,417		5,423			(1,006	)		(18.5	%)
Total	$	56,551	$	50,711		$	5,840			11.5	%

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For the six months ended June 30, 2023, compared to the same period in 2022:

•Development and Redevelopment proportionate property net operating income increased by $1.6 million due to the lease up of apartment homes at The Hamilton.

•Operating proportionate property net operating income increased by $5.2 million, or 11.4%. The increase was attributable primarily to a $6.9 million, or 10.4% increase in rental and other property revenues due to higher average revenues of $234 per apartment home, offset with a 100-basis point decrease in occupancy.

•Other proportionate property net operating income decreased by $1.0 million, or 18.5%, primarily at our commercial office building in Miami, Florida from lower occupancy following lease expirations earlier in 2023.

Non-Segment Real Estate Operations

Operating income amounts not attributed to our segments include property management costs, casualty losses, and, if applicable, the results of apartment communities sold or held for sale, reported in consolidated amounts, which we do not allocate to our segments for purposes of evaluating segment performance.

Depreciation and Amortization

For the three and six months ended June 30, 2023, compared to the same periods in 2022, Depreciation and amortization decreased by $17.8 million, or 51.1%, and $24.7 million, or 42.6%, respectively, due primarily to the disposition of three properties and the termination of leases of four properties and related relinquishment of the associated leasehold improvements during the year ended December 31, 2022.

General and Administrative Expenses

For the three and six months ended June 30, 2023, compared to the same periods in 2022, General and administrative expenses decreased by $1.1 million, or 12.0%, and $2.1 million, or 11.6%, respectively, due primarily to a decrease in expenses for consulting services per the Separation Agreement with AIR, which concluded at December 31, 2022.

Interest Income

For the three and six months ended June 30, 2023, compared to the same periods in 2022, interest income increased by $1.9 million, or 100.0%, and $3.4 million, or 100.0%, respectively, due primarily to increased interest earned on greater amounts of invested cash at higher rates in the current year versus the prior year.

Interest Expense

For the three and six months ended June 30, 2023, compared to the same periods in 2022, interest expense decreased by $31.9 million, or 76.8%, and $36.8 million, or 65.5%, respectively, due primarily to the prepayment of the notes payable due to AIR and other property debt, partially offset by an increase related to the placement of certain property debt during the year ended December 31, 2022.

Mezzanine Investment Income (Loss), Net

For the three and six months ended June 30, 2023, compared to the same periods in 2022, Mezzanine Investment income decreased by $8.5 million, or 100%, and $16.8 million or 100.0%, respectively, due primarily to our cessation of income recognition after the non-cash impairment recorded during the year ended December 31, 2022.

Realized and Unrealized Gains (Losses) on Interest Rate Options

We are required to adjust our interest rate options to fair value on a quarterly basis. As a result of the mark-to-market adjustments, we recorded unrealized gains of $2.5 million and $0.6 million, respectively, for the three and six months ended June 30, 2023, compared to unrealized gains of $11.9 million and $30.7 million, respectively, for the three and six months ended June 30, 2022. In addition, we recorded realized gains of $0.9 million and $1.7 million, respectively, for the three and six months ended June 30, 2023, compared to realized gains of $8.0 million in both the three and six months ended June 30, 2022.

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Realized and Unrealized Gains (Losses) on Equity Investments

We measure our investment in stock based on its market price at period end and our investments in property technology funds at NAV as a practical expedient. As a result of changes in the values of these investments, we recorded unrealized gains of $1.1 million and $1.2 million, respectively, for the three and six months ended June 30, 2023, compared to unrealized gains of $0.5 million and unrealized losses of $3.9 million, respectively, for the three and six months ended June 30, 2022.

During the three and six months ended June 30, 2022, we recognized realized and unrealized gains on our investment in IQHQ totaling $26.2 million resulting from a partial redemption of our investment during that period.

Gain on Dispositions of Real Estate

During the three and six months ended June 30, 2023, we recognized a gain on disposition of $1.9 million for the contribution of real estate to an unconsolidated joint venture compared to $94.6 million for the three and six months ended June 30, 2022 related to the sale of an apartment community.

Lease Modification Income

During the three and six months ended June 30, 2022, we recognized $205.4 million of lease modification income related to the agreement entered into with AIR for the termination of the leases of four properties.

Other Income (Expense), Net

Other income (expense), net, includes costs associated with our risk management activities, partnership administration expenses, fee income, and certain non-recurring items. For the three months ended June 30, 2023, compared to the same period in 2022, other expenses, net decreased by $0.6 million, or 30.2%. For the six months ended June 30, 2023, compared to the same period in 2022, other expenses, net increased by $2.0 million, or 68.8%, primarily due to the incremental expense associated with pre-existing long-term incentive partnership units recorded upon the resignation of one of our board members during the first quarter of 2023.

Income Tax Benefit (Expense)

Certain aspects of our operations, including our development and redevelopment activities, are conducted through taxable REIT subsidiaries, or TRS entities. Additionally, our TRS entities hold investments in one of our apartment communities and 1001 Brickell Bay Drive.

Our income tax benefit calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in Income tax benefit (expense) in our Condensed Consolidated Statements of Operations.

Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and gains retained by the REIT. For the three and six months ended June 30, 2023, we had a consolidated net losses subject to tax of $2.5 million and $7.4 million, respectively, compared to consolidated net income subject to tax of $181.4 million and $166.6 million, respectively, for the same periods in 2022.

For the three months ended June 30, 2023, we recognized an income tax benefit of $0.4 million, compared to income tax expense of $46.0 million for the same period in 2022. The change is due primarily to GAAP income taxes associated with the lease modification income recognized in the second quarter of 2022.

For the six months ended June 30, 2023, we recognized an income tax benefit of $4.6 million, compared to income tax expense of $41.9 million for the same period in 2022. The change is primarily due to a change in the first quarter of 2023 to the effective state tax rate expected to apply to the reversal of deferred taxes, as well as the GAAP income taxes associated with the lease modification income recognized in the second quarter of 2022.

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Critical Accounting Policies and Estimates

We prepare our condensed consolidated financial statements in accordance with GAAP, which requires us to make estimates and assumptions. We believe that the critical accounting policies that involve our more significant judgments and estimates used in the preparation of our condensed consolidated financial statements relate to capitalized costs, impairment of long-lived assets, acquisitions, and the Mezzanine Investment.

Our critical accounting policies are described in more detail in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2022. There have been no significant changes in our critical accounting policies from those reported in our Form 10-K and we believe that the related judgments and assessments have been consistently applied and produce financial information that fairly depicts the financial condition, results of operations, and cash flows for all periods presented.

Non-GAAP Measures

We use EBITDAre and Adjusted EBITDAre in managing our business and in evaluating our financial condition and operating performance. These key financial indicators are non-GAAP measures and are defined and described below. We provide reconciliations of the non-GAAP financial measures to the most comparable financial measure computed in accordance with GAAP.

Earnings Before Interest Expense, Income Taxes, Depreciation and Amortization for Real Estate ("EBITDAre")

EBITDAre and Adjusted EBITDAre are non-GAAP measures, which we believe are useful to investors, creditors, and rating agencies as a supplemental measure of our ability to incur and service debt because they are recognized measures of performance by the real estate industry and allow for comparison of our credit strength to different companies. EBITDAre and Adjusted EBITDAre should not be considered alternatives to net income (loss) as determined in accordance with GAAP as indicators of liquidity. There can be no assurance that our method of calculating EBITDAre and Adjusted EBITDAre is comparable with that of other real estate investment trusts. Nareit defines EBITDAre as net income computed in accordance with GAAP, before interest expense, income taxes, depreciation, and amortization expense, further adjusted for:

•gains and losses on the dispositions of depreciated property;

•impairment write-downs of depreciated property;

•impairment write-downs of investments in unconsolidated partnerships caused by a decrease in the value of the depreciated property in such partnerships; and

•adjustments to reflect our share of EBITDAre of investments in unconsolidated entities.

EBITDAre is defined by Nareit and provides for an additional performance measure independent of capital structure for greater comparability between real estate investment trusts. We define Adjusted EBITDAre as EBITDAre adjusted to exclude the effect of net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships and EBITDAre adjustments attributable to noncontrolling interests, and realized and unrealized (gains) losses on interest rate options, which we believe allow investors to compare a measure of our earnings before the effects of our capital structure and indebtedness with that of other companies in the real estate industry. Additionally, we exclude the (income) loss recognized on our Mezzanine Investment.

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The reconciliation of net income (loss) to EBITDAre and Adjusted EBITDAre for the three and six months ended June 30, 2023 and 2022, is as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net income (loss)	$	144		$	253,211		$	(5,609	)	$	263,323
Adjustments:
Interest expense		9,656			41,546			19,381			56,147
Income tax (benefit) expense		(417	)		45,957			(4,613	)		41,901
Gain on disposition of real estate		(1,878	)		(94,598	)		(1,878	)		(94,465	)
Lease modification income		—			(205,387	)		—			(205,387	)
Depreciation and amortization		17,031			34,863			33,302			57,981
Adjustment related to EBITDAre of unconsolidated partnerships		342			259			564			516
EBITDAre	$	24,878		$	75,851		$	41,147		$	120,016
Net (income) loss attributable to redeemable noncontrolling    interests in consolidated real estate partnerships		(3,576	)		(1,069	)		(6,849	)		(2,539	)
Net (income) loss attributable to noncontrolling interests    in consolidated real estate partnerships		(348	)		(346	)		(613	)		(344	)
EBITDAre adjustments attributable to noncontrolling interests		4			(221	)		(12	)		(232	)
Mezzanine investment (income) loss, net		128			(8,330	)		257			(16,567	)
Realized and unrealized (gains) losses on interest rate options		(3,383	)		(20,017	)		(2,326	)		(38,795	)
Unrealized (gains) losses on IQHQ investment		-			(20,501	)		-			(20,501	)
Adjusted EBITDAre	$	17,703		$	25,367		$	31,604		$	41,038

Liquidity and Capital Resources

Liquidity

Liquidity is the ability to meet present and future financial obligations. Our primary sources of liquidity are cash flows from operations and borrowing capacity under our loan agreements.

As of June 30, 2023, our available liquidity was $342.4 million, which consisted of:

•$165.0 million in cash and cash equivalents; and

•$27.4 million of restricted cash, including amounts related to tenant security deposits and escrows held by lenders for capital additions, property taxes, and insurance; and

•$150.0 million of available capacity to borrow under our revolving secured credit facility.

As of June 30, 2023, we had sufficient capacity on our construction loans to cover our commitments of approximately $165.5 million. The initial allocation to our joint ventures have remaining unfunded commitments of $3.2 million. We also have unfunded commitments in the amount of $2.1 million related to four investments in entities that develop technology related to the real estate industry. Our principal uses for liquidity include normal operating activities, payments of principal and interest on outstanding debt, capital expenditures, and future investments. Additionally, our third-party property managers may enter into commitments on our behalf to purchase goods and services in connection with the operation of our apartment communities and our office building. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to historical levels.

We believe, based on the information available at this time, that we have sufficient cash on hand and access to additional sources of liquidity to meet our operational needs for the next twelve months.

In the event that our cash and cash equivalents, revolving secured credit facility, and cash provided by operating activities are not sufficient to cover our liquidity needs, we have the means to generate additional liquidity, such as from additional property financing activity and proceeds from apartment community sales. We expect to meet our long-term liquidity requirements, including debt maturities, development and redevelopment spending, and future investment activity, primarily through property financing activity, cash generated from operations, and the recycling of our equity. Our revolving secured credit facility matures in December 2023, prior to consideration of its two one-year extension options.

37

Leverage and Capital Resources

The availability and cost of credit and its related effect on the overall economy may affect our liquidity and future financing activities, both through changes in interest rates and access to financing. Any adverse changes in the lending environment could negatively affect our liquidity. We have taken steps to mitigate a portion of our short-term refunding risk. However, if property or development financing options become unavailable, we may consider alternative sources of liquidity, such as reductions in capital spending or apartment community dispositions.

As of June 30, 2023, approximately 88% of our outstanding non-recourse property debt had a fixed interest rate and approximately 12% had a variable interest rate. In addition, the weighted-average contractual rate on our non-recourse debt was 4.9% and 4.7% inclusive of interest rate caps, and the average remaining term to maturity was 7.0 years. At June 30, 2023, all of our outstanding non-recourse property debt was either fixed or hedged. Our use of interest rate caps may vary from quarter to quarter depending on lender requirements, recycling of interest rate caps between projects, and our view on forecasted interest rates.

While our primary source of leverage is property-level debt and construction loans, we also have a secured $150.0 million credit facility with a syndicate of financial institutions. As of June 30, 2023, we had no outstanding borrowings under our revolving secured credit facility. Under our revolving secured credit facility, we have agreed to maintain a fixed charge coverage ratio of 1.25X minimum tangible net worth of $625.0 million, and maximum leverage of 60.0% as defined in the credit agreement. We are currently in compliance and expect to remain in compliance with these covenants during the next twelve months.

Changes in Cash, Cash Equivalents, and Restricted Cash

The following discussion relates to changes in consolidated cash, cash equivalents, and restricted cash due to operating, investing and financing activities, which are presented in our Condensed Consolidated Statements of Cash Flows in Item 1 of this report.

Operating Activities

For the six months ended June 30, 2023, net cash provided by operating activities was $17.7 million. Our operating cash flow is primarily affected by rental rates, occupancy levels, and operating expenses related to our portfolio of apartment communities and general and administrative costs. Cash provided by operating activities for the six months ended June 30, 2023, decreased by $7.7 million compared to the same period ended in 2022, due primarily to lower net cash received from lease incentive, lower net operating income associated with apartment communities sold in the latter part of 2022, and timing of balance sheet position changes, partially offset by decreased interest payments.

Investing Activities

For the six months ended June 30, 2023, net cash used in investing activities of $126.5 million consisted primarily of capital expenditures of $129.9 million. Net cash used in investing activities for the six months ended June 30, 2023, increased by $1.2 million compared to the same period ended in 2022, due primarily to increased capital expenditures offset by decreased funding for net real estate and investment transactions. We have generally funded capital additions with available cash and cash provided by operating activities and construction loans.

Financing Activities

For the six months ended June 30, 2023, net cash provided by financing activities of $71.5 million consisted primarily of proceeds from construction loans, the sale of a participation in the Mezzanine Investment, and the monetization of interest rate options, partially offset by repayments on non-recourse property debt and common stock repurchases. Net cash provided by financing activities for the six months ended June 30, 2023, increased by $121.8 million compared to the same period ended in 2022, due primarily to prior year repayment and borrowing activity, offset by current year activity, including the sale of a participation in the Mezzanine Investment and the monetization of interest rate options.

Future Capital Needs

We expect to fund any future acquisitions, development and redevelopment, and other capital spending principally with operating cash flows, short-term borrowings, and debt and equity financing. Our near-term business plan does not contemplate the issuance of equity. We believe, based on the information available at this time, that we have sufficient cash on hand and access to additional sources of liquidity to meet our operational needs for the next twelve months.

38

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our chief market risks are refunding risk, that is the availability of property debt or other cash sources to refund maturing property debt, and repricing risk, that is the possibility of increases in base interest rates and credit risk spreads. We primarily use long-dated, fixed-rate, non-recourse property debt on stabilized properties in order to avoid the refunding and repricing risks of short-term borrowings.

We use working capital primarily to fund short-term uses. We use derivative financial instruments as a risk management tool and do not use them for trading or other speculative purposes.

As of June 30, 2023, on a consolidated basis, we had approximately $104.2 million of variable-rate property-level debt outstanding and $172.9 million of variable rate construction loans. The impact of rising interest rates is mitigated by our use of interest rate caps, which as of June 30, 2023, provided protection for our variable interest rate debt. Our use of interest rate caps may vary from quarter to quarter depending on lender requirements, recycling of interest rate caps between projects, and our view on forecasted interest rates. We estimate that an increase or decrease in our variable rate indices of 100 basis points with constant credit risk spreads, would have no impact on interest expense on an annual basis.

As of June 30, 2023, we held interest rate caps with $473.2 million notional value. These instruments were acquired for $5.1 million and at June 30, 2023 were valued at $9.0 million.

As of June 30, 2023, we had $192.4 million in cash and cash equivalents and restricted cash, a portion of which earns interest at variable rates.

39

ITEM 4. CONTROLS AND PROCEDURES

Aimco

Disclosure Controls and Procedures

Aimco’s management, with the participation of Aimco’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of Aimco’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based on such evaluation, Aimco’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, Aimco’s disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting

There has been no change in Aimco’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended June 30, 2023, that has materially affected, or is reasonably likely to materially affect, Aimco’s internal control over financial reporting.

Aimco Operating Partnership

Disclosure Controls and Procedures

Aimco Operating Partnership’s management, with the participation of the Chief Executive Officer and Chief Financial Officer of both Aimco and Aimco OP GP, LLC, Aimco Operating Partnership’s general partner, has evaluated the effectiveness of Aimco Operating Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange) as of the end of the period covered by this report. Based on such evaluation, the Chief Executive Officer and Chief Financial Officer of Aimco OP GP, LLC have concluded that, as of the end of such period, Aimco Operating Partnership’s disclosure controls and procedures are effective.

Changes in Internal Control Over Financial Reporting

There has been no change in Aimco Operating Partnership’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended June 30, 2023, that has materially affected, or is reasonably likely to materially affect, Aimco Operating Partnership’s internal control over financial reporting.

40

PART II. OTHER INFORMATION

ITEM 1A. RISK FACTORS

As of the date of this report, there have been no material changes from the risk factors in Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2022. We may disclose changes to such factors or disclose additional factors from time to time in our filings with the SEC.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Aimco

Unregistered Sales of Equity Securities

From time to time, we may issue shares of our Common Stock in exchange for OP Units, defined under the Aimco Operating Partnership heading below. Such shares are issued based on an exchange ratio of one share for each OP Unit. We may also issue shares of our Common Stock in exchange for limited partnership interests in consolidated real estate partnerships. During the three months ended June 30, 2023, no shares of Common Stock were issued in exchange for OP Units in such transactions.

Repurchases of Equity Securities

The following table summarizes Aimco's share repurchase for the three months ended June 30, 2023.

Fiscal Period	Total Number of Shares Repurchased		Weighted Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares That May Yet Be Purchased Under Plans or Programs (1)
April 1 - 30, 2023		444,690	$	7.74		444,690		9,819,997
May 1 - 31, 2023		315,213	$	8.11		315,213		9,504,784
June 1 - 30, 2023		224,896	$	8.24		224,896		9,279,888
Total		984,799	$	7.97		984,799

(1) Our Board of Directors has, from time to time, authorized us to repurchase shares of our outstanding Common Stock. This authorization has no expiration date. These repurchases may be made from time to time in the open market or in privately negotiated transactions

Aimco Operating Partnership

There is no public market for OP Units, and we have no intention of listing OP Units on any securities exchange. In addition, Aimco Operating Partnership’s Partnership Agreement restricts the transferability of OP Units.

On August 4, 2023, there were 159,924,802 OP Units and equivalents outstanding (of which 147,916,884 were held by us), that were held by 2,081 unitholders of record.

Unregistered Sales of Equity Securities

Aimco Operating Partnership did not issue any unregistered OP Units during the three months ended June 30, 2023.

41

Repurchases of Equity Securities

Aimco Operating Partnership’s Partnership Agreement generally provides that after holding OP Units for one year, limited partners other than Aimco have the right to redeem their OP Units for cash or, at our election, shares of our Common Stock on a one-for-one basis (subject to customary antidilution adjustments). During the three months ended June 30, 2023, no common OP Units were redeemed in exchange for shares of Common Stock. The following table summarizes repurchases, or redemptions in exchange for cash, of the Aimco Operating Partnership’s equity securities for the three months ended June 30, 2023.

Fiscal Period	Total Number of Units Repurchased		Weighted Average Price Paid per Unit		Total Number of Units Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Units That May Yet Be Purchased Under Plans or Programs (1)
April 1 - 30, 2023		—		—	N/A	N/A
May 1 - 31, 2023		—		—	N/A	N/A
June 1 - 30, 2023		47,436	$	7.72	N/A	N/A
Total		47,436	$	7.72

(1) The terms of the Aimco Operating Partnership’s Partnership Agreement do not provide for a maximum number of units that may be repurchased, and other than the express terms of its Partnership Agreement, the Aimco Operating Partnership has no publicly announced plans or programs of repurchase. However, for Aimco to repurchase shares of its Common Stock, the Aimco Operating Partnership must make a concurrent repurchase of its common partnership units held by Aimco at a price per unit that is equal to the price per share Aimco pays for its Common Stock.

Dividend and Distribution Payments

As a REIT, Aimco is required to distribute annually to holders of shares of its Common Stock at least 90.0% of its “real estate investment trust taxable income,” which, as defined by the Code and United States Department of Treasury regulations, is generally equivalent to net taxable ordinary income. Aimco’s Board determines and declares Aimco's dividends. In making a dividend determination, Aimco’s Board considers a variety of factors, including REIT distribution requirements; current market conditions; liquidity needs; and other uses of cash, such as deleveraging and accretive investment activities.

42

ITEM 6. EXHIBITS

The following exhibits are filed with this report:

EXHIBIT NO.	DESCRIPTION
3.1	Charter – Articles of Restatement (Exhibit 3.1 to Aimco’s Annual Report on Form 10-K dated February 24, 2020, is incorporated herein by this reference)
3.2	Amended and Restated Bylaws (Exhibit 3.1 to Aimco's Current Report on Form 8-K, dated April 28, 2023, is incorporated herein by this reference).
3.3	Articles Supplementary of Apartment Investment Management Company (Exhibit 3.1 to Aimco’s Current Report on Form 8-K, dated December 15, 2020, is incorporated herein by this reference)
10.1	Amended and Restated Agreement of Limited Partnership of Aimco OP L.P., effective as of December 14, 2020 (Exhibit 10.1 to Aimco’s Current Report on Form 8-K, dated December 15, 2020, is incorporated herein by this reference)
31.1	Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Aimco
31.2	Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Aimco
31.3	Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Aimco Operating Partnership
31.4	Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Aimco Operating Partnership
32.1	Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Aimco
32.2	Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Aimco Operating Partnership

EXHIBIT NO.	DESCRIPTION
101	The following materials from Aimco’s and Aimco Operating Partnership’s combined Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) condensed consolidated balance sheets; (ii) condensed consolidated statements of operations; (iii) condensed consolidated statements of equity and partners’ capital; (iv) condensed consolidated statements of cash flows; and (v) notes to condensed consolidated financial statements.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

43

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

APARTMENT INVESTMENT AND MANAGEMENT COMPANY
By:	/s/ H. Lynn C. Stanfield
	H. Lynn C. Stanfield
	Executive Vice President and Chief Financial Officer
By:	/s/ Kellie E. Dreyer
	Kellie E. Dreyer
	Senior Vice President and Chief Accounting Officer

AIMCO OP L.P.
By:	Aimco OP GP, LLC, its General Partner
By:	/s/ H. Lynn C. Stanfield
	H. Lynn C. Stanfield
	Executive Vice President and Chief Financial Officer
By:	/s/ Kellie E. Dreyer
	Kellie E. Dreyer
	Senior Vice President and Chief Accounting Officer

Date: August 7, 2023

44

EX-31.1

Exhibit 31.1

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Wes Powell, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Apartment Investment and Management Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 7, 2023

/s/ Wes Powell

Wes Powell

Director and Chief Executive Officer

EX-31.2

Exhibit 31.2

CHIEF FINANCIAL OFFICER CERTIFICATION

I, H. Lynn C. Stanfield, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Apartment Investment and Management Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 7, 2023

/s/ H. Lynn C. Stanfield

H. Lynn C. Stanfield

Executive Vice President and Chief Financial Officer

EX-31.3

Exhibit 31.3

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Wes Powell, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Aimco OP L.P.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 7, 2023

/s/ Wes Powell

Wes Powell

Director and Chief Executive Officer

EX-31.4

Exhibit 31.4

CHIEF FINANCIAL OFFICER CERTIFICATION

I, H. Lynn C. Stanfield, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Aimco OP L.P.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 7, 2023

/s/ H. Lynn C. Stanfield

H. Lynn C. Stanfield

Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification of CEO and CFO Pursuant to

18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of Apartment Investment and Management Company (the “Company”) on Form 10-Q for the period ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Wes Powell

Wes Powell

Director and Chief Executive Officer

August 7, 2023

/s/ H. Lynn C. Stanfield

H. Lynn C. Stanfield

Executive Vice President and Chief Financial Officer

August 7, 2023

EX-32.2

Exhibit 32.2

Certification of CEO and CFO Pursuant to

18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of Aimco OP L.P. (the “Partnership”) on Form 10-Q for the period ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

/s/ Wes Powell

Wes Powell

Director and Chief Executive Officer

August 7, 2023

/s/ H. Lynn C. Stanfield

H. Lynn C. Stanfield

Executive Vice President and Chief Financial Officer

August 7, 2023

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Document Information [Line Items]
Entity Registrant Name	Apartment Investment and Management Company
Entity Central Index Key	0000922864
Document Type	10-Q
Document Period End Date	Jun. 30, 2023
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Trading Symbol	AIV
Entity File Number	1-13232
Entity Tax Identification Number	84-1259577
Entity Address, State or Province	MD
Entity Address, Address Line One	4582 South Ulster Street
Entity Address, Address Line Two	Suite 1450
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	224-7900
Entity Common Stock, Shares Outstanding		147,916,884
Title of 12(b) Security	Class A Common Stock (Apartment Investment and Management Company)
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Aimco OP L.P. [Member]
Document Information [Line Items]
Entity Registrant Name	Aimco OP L.P.
Entity Central Index Key	0000926660
Document Type	10-Q
Document Period End Date	Jun. 30, 2023
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	false
Entity Shell Company	false
Entity File Number	0-56223
Entity Tax Identification Number	85-2460835
Entity Address, State or Province	DE
Entity Address, Address Line One	4582 South Ulster Street
Entity Address, Address Line Two	Suite 1450
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	224-7900

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Buildings and improvements	$ 1,467,732	$ 1,322,381
Land	638,660	641,102
Total real estate	2,106,392	1,963,483
Accumulated depreciation	(548,316)	(530,722)
Net real estate	1,558,076	1,432,761
Cash and cash equivalents	164,990	206,460
Restricted cash	27,375	23,306
Mezzanine investment	158,301	158,558
Unconsolidated real estate partnerships	20,808	15,789
Notes receivable	$ 39,533	$ 39,014
Financing Receivable, after Allowance for Credit Loss, Related and Nonrelated Party Status [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Right-of-use lease assets- finance leases	$ 109,631	$ 110,269
Other assets, net	128,640	132,679
Total assets	2,216,352	2,181,223
LIABILITIES AND EQUITY
Non-recourse property debt, net	869,974	929,501
Construction loans, net	195,688	118,698
Total indebtedness	1,065,662	1,048,199
Deferred tax liabilities	113,969	119,615
Lease liabilities - finance leases	116,593	114,625
Mezzanine investment - participation sold	33,977
Accrued liabilities and other	118,744	106,600
Total liabilities	1,448,945	1,389,039
Redeemable noncontrolling interests in consolidated real estate partnerships	168,648	166,826
Commitments and contingencies (Note 3)
Equity (510,587,500 shares authorized at both June 30, 2023 and December 31, 2022):
Common Stock, $0.01 par value, 143,733,654 and 146,524,941 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	1,438	1,466
Additional paid-in capital	483,258	496,482
Retained earnings	37,486	49,904
Total Aimco equity	522,182	547,852
Noncontrolling interests in consolidated real estate partnerships	48,472	48,294
Common noncontrolling interests in Aimco Operating Partnership	28,105	29,212
Total equity	598,759	625,358
Partners' capital:
Total liabilities and equity	2,216,352	2,181,223
Aimco OP L.P. [Member]
ASSETS
Buildings and improvements	1,467,732	1,322,381
Land	638,660	641,102
Total real estate	2,106,392	1,963,483
Accumulated depreciation	(548,316)	(530,722)
Net real estate	1,558,076	1,432,761
Cash and cash equivalents	164,990	206,460
Restricted cash	27,375	23,306
Mezzanine investment	158,301	158,558
Unconsolidated real estate partnerships	20,808	15,789
Notes receivable	$ 39,533	$ 39,014
Financing Receivable, after Allowance for Credit Loss, Related and Nonrelated Party Status [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Right-of-use lease assets- finance leases	$ 109,631	$ 110,269
Other assets, net	128,640	132,679
Total assets	2,216,352	2,181,223
LIABILITIES AND EQUITY
Non-recourse property debt, net	869,974	929,501
Construction loans, net	195,688	118,698
Total indebtedness	1,065,662	1,048,199
Deferred tax liabilities	113,969	119,615
Lease liabilities - finance leases	116,593	114,625
Mezzanine investment - participation sold	33,977
Accrued liabilities and other	118,744	106,600
Total liabilities	1,448,945	1,389,039
Redeemable noncontrolling interests in consolidated real estate partnerships	168,648	166,826
Commitments and contingencies (Note 3)
Partners' capital:
General Partner and Special Limited Partner	522,182	547,852
Limited Partners	28,105	29,212
Partners’ capital attributable to Aimco Operating Partnership	550,287	577,064
Noncontrolling interests in consolidated real estate partnerships	48,472	48,294
Total partners’ capital	598,759	625,358
Total liabilities and equity	2,216,352	2,181,223
Interest Rate Options
ASSETS
Interest rate options	8,998	62,387
Interest Rate Options | Aimco OP L.P. [Member]
ASSETS
Interest rate options	$ 8,998	$ 62,387

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	510,587,500	510,587,500
Common Stock, shares issued (in shares)	143,733,654	146,524,941
Common Stock, shares outstanding (in shares)	143,733,654	146,524,941

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES
Rental and other property revenues	$ 45,674	$ 50,697	$ 89,942	$ 100,691
OPERATING EXPENSES
Property operating expenses	18,783	19,708	36,287	38,929
Depreciation and amortization	17,031	34,863	33,302	57,981
General and administrative expenses	7,890	8,961	16,293	18,433
Total operating expenses	43,704	63,532	85,882	115,343
Interest income	2,478	565	4,536	1,121
Interest expense	(9,656)	(41,546)	(19,381)	(56,147)
Realized and unrealized gains (losses) on interest rate options	3,383	20,017	2,326	38,795
Realized and unrealized gains (losses) on equity investments	1,094	26,630	1,231	22,297
Gain on dispositions of real estate	1,878	94,598	1,878	94,465
Lease modification income		205,387		205,387
Other income (expense), net	(1,413)	(2,022)	(4,910)	(2,909)
Income (loss) before income tax	(273)	299,168	(10,222)	305,224
Income tax benefit (expense)	417	(45,957)	4,613	(41,901)
Net income (loss)	144	253,211	(5,609)	263,323
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships	(3,576)	(1,069)	(6,849)	(2,539)
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(348)	(346)	(613)	(344)
Net (income) loss attributable to common noncontrolling interests in Aimco Operating Partnership	178	(12,659)	652	(13,094)
Net income (loss) attributable to Aimco	$ (3,602)	$ 239,137	$ (12,419)	$ 247,346
Net income (loss) attributable to Aimco per common share - basic (Note 4)	$ (0.02)	$ 1.58	$ (0.09)	$ 1.63
Net income (loss) attributable to Aimco per common share - diluted (Note 4)	$ (0.02)	$ 1.57	$ (0.09)	$ 1.62
Weighted-average common shares/units outstanding - basic	144,195	149,600	145,007	149,694
Weighted-average common shares/units outstanding - diluted	144,195	150,423	145,007	150,660
Aimco OP L.P. [Member]
REVENUES
Rental and other property revenues	$ 45,674	$ 50,697	$ 89,942	$ 100,691
OPERATING EXPENSES
Property operating expenses	18,783	19,708	36,287	38,929
Depreciation and amortization	17,031	34,863	33,302	57,981
General and administrative expenses	7,890	8,961	16,293	18,433
Total operating expenses	43,704	63,532	85,882	115,343
Interest income	2,478	565	4,536	1,121
Interest expense	(9,656)	(41,546)	(19,381)	(56,147)
Realized and unrealized gains (losses) on interest rate options	3,383	20,017	2,326	38,795
Realized and unrealized gains (losses) on equity investments	1,094	26,630	1,231	22,297
Gain on dispositions of real estate	1,878	94,598	1,878	94,465
Lease modification income		205,387		205,387
Other income (expense), net	(1,413)	(2,022)	(4,910)	(2,909)
Income (loss) before income tax	(273)	299,168	(10,222)	305,224
Income tax benefit (expense)	417	(45,957)	4,613	(41,901)
Net income (loss)	144	253,211	(5,609)	263,323
Net (income) loss attributable to redeemable noncontrolling interests in consolidated real estate partnerships	(3,576)	(1,069)	(6,849)	(2,539)
Net (income) loss attributable to noncontrolling interests in consolidated real estate partnerships	(348)	(346)	(613)	(344)
Net income (loss) attributable to Aimco	$ (3,780)	$ 251,796	$ (13,071)	$ 260,440
Net income (loss) attributable to Aimco per common share - basic (Note 4)	$ (0.02)	$ 1.58	$ (0.09)	$ 1.63
Net income (loss) attributable to Aimco per common share - diluted (Note 4)	$ (0.02)	$ 1.57	$ (0.09)	$ 1.62
Weighted-average common shares/units outstanding - basic	151,966	157,525	152,795	157,621
Weighted-average common shares/units outstanding - diluted	151,966	158,447	152,795	158,666
Unconsolidated Real Estate Partnerships Member
OPERATING EXPENSES
Mezzanine / Unconsolidated partnerships investment income (loss), net	$ 121	$ 44	$ 295	$ 300
Unconsolidated Real Estate Partnerships Member | Aimco OP L.P. [Member]
OPERATING EXPENSES
Mezzanine / Unconsolidated partnerships investment income (loss), net	121	44	295	300
Mezzanine Investment [Member]
OPERATING EXPENSES
Mezzanine / Unconsolidated partnerships investment income (loss), net	(128)	8,330	(257)	16,567
Mezzanine Investment [Member] | Aimco OP L.P. [Member]
OPERATING EXPENSES
Mezzanine / Unconsolidated partnerships investment income (loss), net	$ (128)	$ 8,330	$ (257)	$ 16,567

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Total Aimco Equity [Member]	Noncontrolling Interests in Consolidated Real Estate Partnerships [Member]	Common Noncontrolling Interests in Aimco Operating Partnership [Member]
Balances at Dec. 31, 2021	$ 562,233	$ 1,498	$ 521,842	$ (22,775)	$ 500,565	$ 35,213	$ 26,455
Balances (in shares) at Dec. 31, 2021		149,818
Net income (loss)	260,784			247,346	247,346	344	13,094
Redemption of OP Units	(143)		1,535		1,535		(1,678)
Redemption of OP Units, (In share)		39
Share-based compensation expense	4,037		2,780		2,780		1,257
Distributions to noncontrolling interests in consolidated real estate partnerships	(605)					(605)
Contributions from noncontrolling interests in consolidated real estate partnerships	9,718					9,718
Purchase of noncontrolling interests in consolidated real estate partnerships	(7,244)		(7,244)		(7,244)
Common stock repurchased	(4,419)	$ (7)	(4,412)		(4,419)
Common stock repurchased (In shares)		(742)
Other common stock issuances	961	$ 1	851		852		109
Other common stock issuances (In share)		106
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships	(183)		(183)		(183)
Other, net	(117)		(104)	(4)	(108)	(5)	(4)
Other, net (in shares)		(124)
Balances at Jun. 30, 2022	825,022	$ 1,492	515,065	224,567	741,124	44,665	39,233
Balances (in shares) at Jun. 30, 2022		149,097
Balances at Mar. 31, 2022	581,985	$ 1,497	523,455	(14,571)	510,381	44,629	26,975
Balances (in shares) at Mar. 31, 2022		149,690
Net income (loss)	252,142			239,137	239,137	346	12,659
Redemption of OP Units	(10)		581		581		(591)
Redemption of OP Units, (In share)		16
Share-based compensation expense	1,608		1,417		1,417		191
Distributions to noncontrolling interests in consolidated real estate partnerships	(310)					(310)
Purchase of noncontrolling interests in consolidated real estate partnerships	(7,244)		(7,244)		(7,244)
Common stock repurchased	(3,102)	$ (5)	(3,097)		(3,102)
Common stock repurchased (In shares)		(540)
Other, net	(47)		(47)	1	(46)		(1)
Other, net (in shares)		(69)
Balances at Jun. 30, 2022	825,022	$ 1,492	515,065	224,567	741,124	44,665	39,233
Balances (in shares) at Jun. 30, 2022		149,097
Balances at Dec. 31, 2022	625,358	$ 1,466	496,482	49,904	547,852	48,294	29,212
Balances (in shares) at Dec. 31, 2022		146,525
Net income (loss)	(12,458)			(12,419)	(12,419)	613	(652)
Redemption of OP Units	(620)		4,256		4,256		(4,876)
Share-based compensation expense	6,698		3,549		3,549		3,149
Distributions to noncontrolling interests in consolidated real estate partnerships	(597)					(597)
Contributions from noncontrolling interests in consolidated real estate partnerships	163					163
Common stock repurchased	(22,592)	$ (30)	(22,562)		(22,592)
Common stock repurchased (In shares)		(3,003)
Other common stock issuances	2,812	$ 2	1,538		1,540		1,272
Other common stock issuances (In share)		247
Other, net	(5)		(5)	1	(4)	(1)
Other, net (in shares)		(35)
Balances at Jun. 30, 2023	598,759	$ 1,438	483,258	37,486	522,182	48,472	28,105
Balances (in shares) at Jun. 30, 2023		143,734
Balances at Mar. 31, 2023	608,749	$ 1,448	489,304	41,087	531,839	48,321	28,589
Balances (in shares) at Mar. 31, 2023		144,718
Net income (loss)	(3,432)			(3,602)	(3,602)	348	(178)
Redemption of OP Units	366		(37)		(37)		(329)
Share-based compensation expense	1,876		1,853		1,853		23
Distributions to noncontrolling interests in consolidated real estate partnerships	(310)					(310)
Contributions from noncontrolling interests in consolidated real estate partnerships	113					113
Common stock repurchased	(7,870)	$ (10)	(7,860)		(7,870)
Common stock repurchased (In shares)		(984)
Other, net	(1)		(2)	1	(1)
Balances at Jun. 30, 2023	$ 598,759	$ 1,438	$ 483,258	$ 37,486	$ 522,182	$ 48,472	$ 28,105
Balances (in shares) at Jun. 30, 2023		143,734

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$ (5,609)	$ 263,323
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		33,302	57,981
Realized and unrealized (gains) losses on interest rate options		(2,326)	(38,795)
Realized and unrealized (gains) losses on equity investments		(1,231)	(22,297)
Income tax expense (benefit)		(4,613)	41,901
Share-based compensation		5,965	4,513
Loss on extinguishment of debt, net		929	27,482
Lease modification income			(205,387)
Gain on dispositions of real estate		(1,878)	(94,465)
Amortization of debt issuance costs and other		1,114	1,421
Changes in operating assets and operating liabilities:
Other assets, net		(1,244)	2,201
Net cash received from lease incentive			7,895
Accrued liabilities and other		(6,686)	(3,528)
Total adjustments		23,294	(237,945)
Net cash provided by operating activities		17,685	25,378
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(4,108)	(100,758)
Capital expenditures	[1]	(129,919)	(124,813)
Proceeds from disposition of real estate			126,769
Investment in IQHQ			(14,227)
Investment in unconsolidated real estate partnerships		(1,387)	(12,244)
Distributions received from unconsolidated real estate partnerships		4,209
Other investing activities		4,570	(116)
Net cash used in investing activities		(126,635)	(125,389)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt			614,720
Proceeds from construction loans		73,152	33,607
Payments of deferred loan costs		(229)	(6,620)
Principal repayments on non-recourse property debt		(61,541)	(283,826)
Principal repayments on Notes Payable to AIR			(387,088)
Proceeds from interest rate option		55,687	13,660
Payments on finance leases		(1,523)	(25,366)
Payments of prepayment premiums			(21,395)
Common stock repurchased		(22,391)	(4,419)
Redemption of noncontrolling interest in real estate partnership			(7,244)
Distributions to redeemable noncontrolling interests		(5,152)
Contributions from noncontrolling interests		163	9,718
Distributions to noncontrolling interests		(597)	(605)
Contributions from redeemable noncontrolling interests		125	20,392
Redemption of OP Units		(621)	(133)
Redemption of redeemable noncontrolling interests			(5,094)
Other financing activities		(3,024)	(569)
Net cash provided by (used in) financing activities		71,549	(50,262)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(37,401)	(150,273)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD		229,766	244,582
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD		192,365	94,309
Aimco OP L.P. [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		(5,609)	263,323
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		33,302	57,981
Realized and unrealized (gains) losses on interest rate options		(2,326)	(38,795)
Realized and unrealized (gains) losses on equity investments		(1,231)	(22,297)
Income tax expense (benefit)		(4,613)	41,901
Share-based compensation		5,965	4,513
Loss on extinguishment of debt, net		929	27,482
Lease modification income			(205,387)
Gain on dispositions of real estate		(1,878)	(94,465)
Amortization of debt issuance costs and other		1,114	1,421
Changes in operating assets and operating liabilities:
Other assets, net		(1,244)	2,201
Net cash received from lease incentive			7,895
Accrued liabilities and other		(6,686)	(3,528)
Total adjustments		23,294	(237,945)
Net cash provided by operating activities		17,685	25,378
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of real estate		(4,108)	(100,758)
Capital expenditures	[2]	(129,919)	(124,813)
Proceeds from disposition of real estate			126,769
Investment in IQHQ			(14,227)
Investment in unconsolidated real estate partnerships		(1,387)	(12,244)
Distributions received from unconsolidated real estate partnerships		4,209
Other investing activities		4,570	(116)
Net cash used in investing activities		(126,635)	(125,389)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from non-recourse property debt			614,720
Proceeds from construction loans		73,152	33,607
Payments of deferred loan costs		(229)	(6,620)
Principal repayments on non-recourse property debt		(61,541)	(283,826)
Principal repayments on Notes Payable to AIR			(387,088)
Proceeds from interest rate option		55,687	13,660
Payments on finance leases		(1,523)	(25,366)
Payments of prepayment premiums			(21,395)
Common stock repurchased		(22,391)	(4,419)
Redemption of noncontrolling interest in real estate partnership			(7,244)
Distributions to redeemable noncontrolling interests		(5,152)
Contributions from noncontrolling interests		163	9,718
Distributions to noncontrolling interests		(597)	(605)
Contributions from redeemable noncontrolling interests		125	20,392
Redemption of OP Units		(621)	(133)
Redemption of redeemable noncontrolling interests			(5,094)
Other financing activities		(3,024)	(569)
Net cash provided by (used in) financing activities		71,549	(50,262)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(37,401)	(150,273)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD		229,766	244,582
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD		192,365	94,309
Unconsolidated Real Estate Partnerships [Member]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Income from unconsolidated real estate partnerships		(295)	(300)
Unconsolidated Real Estate Partnerships [Member] | Aimco OP L.P. [Member]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Income from unconsolidated real estate partnerships		(295)	(300)
Mezzanine Investment [Member]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Mezzanine investment (income) loss, net		257	(16,567)
Income from unconsolidated real estate partnerships		257	(16,567)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of participation in Mezzanine Investment		37,500
Mezzanine Investment [Member] | Aimco OP L.P. [Member]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Income from unconsolidated real estate partnerships		257	$ (16,567)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of participation in Mezzanine Investment		$ 37,500

[1] Accrued capital expenditures were $62.8 million and $29.1 million as of June 30, 2023 and 2022, respectively.

[2] Accrued capital expenditures were $62.8 million and $29.1 million as of June 30, 2023 and 2022, respectively

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Accrued capital expenditures	$ 62.8	$ 29.1
Aimco OP L.P. [Member]
Accrued capital expenditures	$ 62.8	$ 29.1

XML

CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (Unaudited) - USD ($) $ in Thousands	Total	Aimco OP L.P. [Member]	General Partner and Special Limited Partner [Member] Aimco OP L.P. [Member]	Limited Partners [Member] Aimco OP L.P. [Member]	Partners Capital Attributable To The Partnership [Member] Aimco OP L.P. [Member]	Noncontrolling Interests in Consolidated Real Estate Partnerships [Member] Aimco OP L.P. [Member]
Balances at Dec. 31, 2021		$ 562,233	$ 500,565	$ 26,455	$ 527,020	$ 35,213
Net income (loss)	$ 260,784	260,784	247,346	13,094	260,440	344
Redemption of OP Units		(143)	1,534	(1,677)	(143)
Share-based compensation expense		4,037	2,780	1,257	4,037
Distributions to noncontrolling interests in consolidated real estate partnerships	(605)	(605)				(605)
Contributions from noncontrolling interests in consolidated real estate partnerships	9,718	9,718				9,718
Purchase of noncontrolling interests in consolidated real estate partnerships	(7,244)	(7,244)	(7,244)		(7,244)
Repurchases of OP Units held by Aimco	(4,419)	(4,419)	(4,419)		(4,419)
Other OP Unit issuances		961	852	109	961
Redemption of redeemable noncontrolling interests in consolidated real estate partnerships	(183)	(183)	(183)		(183)
Other, net		(117)	(107)	(5)	(112)	(5)
Balances at Jun. 30, 2022		825,022	741,124	39,233	780,357	44,665
Balances at Mar. 31, 2022		581,985	510,381	26,975	537,356	44,629
Net income (loss)	252,142	252,142	239,137	12,659	251,796	346
Redemption of OP Units		(10)	581	(591)	(10)
Share-based compensation expense		1,608	1,417	191	1,608
Distributions to noncontrolling interests in consolidated real estate partnerships	(310)	(310)				(310)
Purchase of noncontrolling interests in consolidated real estate partnerships	(7,244)	(7,244)	(7,244)		(7,244)
Repurchases of OP Units held by Aimco	(3,102)	(3,102)	(3,102)		(3,102)
Other, net		(47)	(46)	(1)	(47)
Balances at Jun. 30, 2022		825,022	741,124	39,233	780,357	44,665
Balances at Dec. 31, 2022		625,358	547,852	29,212	577,064	48,294
Net income (loss)	(12,458)	(12,458)	(12,419)	(652)	(13,071)	613
Redemption of OP Units		(620)	4,256	(4,876)	(620)
Share-based compensation expense		6,698	3,549	3,149	6,698
Distributions to noncontrolling interests in consolidated real estate partnerships	(597)	(597)				(597)
Contributions from noncontrolling interests in consolidated real estate partnerships	163	163				163
Repurchases of OP Units held by Aimco	(22,592)	(22,592)	(22,592)		(22,592)
Other OP Unit issuances		2,812	1,540	1,272	2,812
Other, net		(5)	(4)		(4)	(1)
Balances at Jun. 30, 2023		598,759	522,182	28,105	550,287	48,472
Balances at Mar. 31, 2023		608,749	531,839	28,589	560,428	48,321
Net income (loss)	(3,432)	(3,432)	(3,602)	(178)	(3,780)	348
Redemption of OP Units		(366)	(37)	329	(366)
Share-based compensation expense		1,876	1,853	(23)	1,876
Distributions to noncontrolling interests in consolidated real estate partnerships	(310)	(310)				(310)
Contributions from noncontrolling interests in consolidated real estate partnerships	113	113				113
Repurchases of OP Units held by Aimco	$ (7,870)	(7,870)	(7,870)		(7,870)
Other, net		(1)	(1)		(1)
Balances at Jun. 30, 2023		$ 598,759	$ 522,182	$ 28,105	$ 550,287	$ 48,472

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Organization

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Note 1 — Organization

Apartment Investment and Management Company (“Aimco”), a Maryland corporation incorporated on January 10, 1994, is a self-administered and self-managed real estate investment trust (“REIT”). On December 15, 2020, Aimco completed the separation of its businesses (the “Separation”), creating two, separate and distinct, publicly traded companies, Aimco and Apartment Income REIT Corp. (“AIR”) (Aimco and AIR together, as they existed prior to the Separation, “Aimco Predecessor”). Events noted in this filing as occurring before December 15, 2020, were those entered into by Aimco Predecessor. Aimco, through a wholly owned subsidiary, is the general and special limited partner of Aimco OP L.P. (“Aimco Operating Partnership”).

Except as the context otherwise requires, “we,” “our,” and “us” refer to Aimco, Aimco Operating Partnership, and their consolidated subsidiaries, collectively.

As of June 30, 2023, Aimco owned 92.5% of the legal interest in the common partnership units of Aimco Operating Partnership and 94.9% of the economic interest in Aimco Operating Partnership. The remaining 7.5% legal interest is owned by limited partners. The common partnership units of Aimco Operating Partnership are referred to as "OP Units". As the sole general partner of Aimco Operating Partnership, Aimco has exclusive control of Aimco Operating Partnership’s day-to-day management.

We own or lease a portfolio of real estate investments focused primarily on the U.S. multifamily sector. These real estate investments include: a portfolio of 26 operating apartment communities (22 consolidated properties with 5,640 apartment homes and four unconsolidated operating properties), diversified by both geography and price point; one commercial office building that is part of a land assemblage; one hotel, with 106 rooms; three residential apartment communities, with 1,185 apartment homes, of which 276 have been completed and an additional 909 are planned, and a single family rental community with 16 planned homes plus eight accessory dwelling units, which we are actively developing or redeveloping; land parcels held for development. Our real estate portfolio also includes two unconsolidated investments in land held for development. In addition, we hold other alternative investments, including our Mezzanine Investment (see Note 2 for further information); our investment in IQHQ, Inc. ("IQHQ"); and our investment in real estate technology funds.

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Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Note 2 — Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP") have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.

The Condensed Consolidated Balance Sheets of Aimco and Aimco Operating Partnership as of December 31, 2022 have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2022. Except where indicated, the footnotes refer to both Aimco and Aimco Operating Partnership.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

We consolidate a variable interest entity (“VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE.

As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company.

Certain reclassifications have been made to prior period amounts to conform to the current period condensed consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows.

Common Noncontrolling Interests in Aimco Operating Partnership

Common noncontrolling interests in Aimco Operating Partnership consist of OP Units held by third parties, and are reflected in Aimco’s accompanying Condensed Consolidated Balance Sheets as Common Noncontrolling Interests in Aimco Operating Partnership. Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including Aimco) outstanding during the period. For the periods ended June 30, 2023 and 2022, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.1%, and 5.0%, respectively. Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership.

Redeemable Noncontrolling Interests in Consolidated Real Estate Partnerships

Redeemable noncontrolling interests consist of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity.

Redeemable noncontrolling interests in consolidated real estate partnerships as of June 30, 2023, consists of the following: (i) a $102.0 million preferred equity interest in an entity that owns a portfolio of operating apartment communities and (ii) equity interests in two separate consolidated joint ventures that are actively developing residential apartment communities. Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements. These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheet as of June 30, 2023.

The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2022 to June 30, 2023 (in thousands):

Balance at December 31, 2022	$	166,826
Capital contributions		125
Distributions		(5,152	)
Net income		6,849
Balance at June 30, 2023	$	168,648

Mezzanine Investment

In November 2019, Aimco Predecessor made a five-year, $275.0 million mezzanine loan to the partnership owning the “Parkmerced Apartments” located in southwest San Francisco (the “Mezzanine Investment”). The loan bears interest at a 10% annual rate, accruing if not paid from property operations. Ownership of the subsidiaries that originated and hold the Mezzanine Investment was retained by AIR following the Separation.

The Separation Agreement with AIR provides for AIR to transfer ownership of the subsidiaries that originated and hold the Mezzanine Investment, a related equity option to acquire a 30% interest in the partnership owning Parkmerced Apartments and the interest rate option, or swaption, that provides partial protection against future refinancing risk to Aimco through 2024 once required third-party consents are received. At the time of Separation and as of the date of this filing, legal title of these subsidiaries had not yet transferred to us. Until legal title of the subsidiaries is transferred, AIR is obligated to pass payments received on the Mezzanine Investment to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment and have recognized an asset related to our right to receive the Mezzanine Investment from AIR.

On a periodic basis, we evaluate our Mezzanine Investment for impairment. We assess whether there are any indicators that imply the value of our investment may be impaired. These include assessments of both the underlying property performance and general market conditions in place. An investment is considered impaired if we determine that its fair value is less than the net carrying value of the investment on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include the loan’s maturity date, our intent and ability to retain our investment in the entity, and the financial condition and long-term prospects of the entity.

Prior to recording a non-cash impairment charge during the three months ended December 31, 2022, we recognized as income the net amounts earned on the Mezzanine Investment by AIR on its equity investment that were due to be paid to us when collected to the extent the income was supported by the change in the counterparty’s claim to the net assets of the underlying borrower. The income recognized primarily represented the interest accrued under the terms of the underlying Mezzanine Investment.

In June 2023, we closed on the sale of a 20% non-controlling participation in the Mezzanine Investment for $33.5 million. Pursuant to the terms of the agreement, the purchaser has the option to acquire the remaining 80% for an additional $134 million plus interest accruing at no less than 19% annually through May 2024 when the option expires. The purchaser pre-paid $4 million of interest at the time of closing. So long as the purchaser's option remains unexercised, Aimco receives a first priority return from any payments made to service or pay down the Mezzanine Investment equal to $134 million plus no less than a 19% annualized return as well as 80% of any residual payments after the purchaser receives a 10% annualized return on its subordinate investment. Additionally, Aimco is responsible for the servicing and administration of the Mezzanine Investment.

Because Aimco receives first priority and a higher annualized return than the purchaser, the sale and transfer of the financial interest does not qualify for sale accounting in accordance with GAAP. Therefore, the portion of the Mezzanine Investment that was sold, which has a carrying amount of $31.5 million, remains in Mezzanine investment in our Condensed Consolidated Balance Sheet. We have also recorded the cash received from the purchaser as a liability, which is included in Mezzanine investment - participation sold in our Condensed Consolidated Balance Sheet. Transaction costs have been deferred and presented as a direct reduction from the related liability in Mezzanine investment - participation sold in our Condensed Consolidated Balance Sheet. The cash flows associated with the Mezzanine investment - participation sold have been included in Cash Flows from Financing Activities in the Condensed Consolidated Statements of Cash Flows.

Income Tax Benefit (Expense)

Certain aspects of our operations, including our development and redevelopment activities, are conducted through taxable REIT subsidiaries, or TRS entities. Additionally, our TRS entities hold investments in one of our apartment communities and 1001 Brickell Bay Drive.

Our income tax benefit (expense) calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in Income tax benefit (expense) in our Condensed Consolidated Statements of Operations.

Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and gains retained by the REIT. For the three and six months ended June 30, 2023, we had consolidated net losses subject to tax of $2.5 million and $7.4 million, respectively. For the three and six months ended June 30, 2022, we had consolidated net income subject to tax of $181.4 million and $166.6 million, respectively.

For the three months ended June 30, 2023, we recognized an income tax benefit of $0.4 million, compared to income tax expense of $46.0 million during the same period in 2022. The change is due primarily to GAAP income taxes associated with the lease modification income recognized in the second quarter of 2022.

For the six months ended June 30, 2023, we recognized an income tax benefit of $4.6 million compared to income tax expense of $41.9 million during the same period in 2022. The change is primarily due to GAAP income taxes associated with the lease modification income recognized in the second quarter of 2022, as well as a change in the first quarter of 2023 to the effective state tax rate expected to apply to the reversal of deferred taxes.

Use of Estimates

The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates.

Cash Equivalents

We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions.

Restricted Cash

Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements.

Other Assets, net

Other assets were comprised of the following amounts (in thousands):

	June 30, 2023		December 31, 2022
Other investments	$	65,554	$	63,982
Deferred costs, deposits, and other		18,493		20,460
Prepaid expenses and real estate taxes		13,851		17,363
Intangible assets, net		13,632		14,160
Corporate fixed assets		9,341		8,371
Accounts receivable, net of allowances of $346 and $1,206 as of June 30, 2023 and December 31, 2022, respectively		4,202		4,079
Deferred tax assets		1,788		2,321
Due from third-party property manager		1,143		1,669
Due from affiliates		636		274
Total other assets, net	$	128,640	$	132,679

Recent Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04,“Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which provides optional expedients to debt, derivatives, and other contracts that refer to LIBOR or another reference rate expected to be discontinued because of reference rate reform. The original ASU was effective as of its issuance date and provided temporary relief through December 31, 2022, which was extended through December 31, 2024 by ASU 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848". We are transitioning to the Secured Overnight Financing Rate ("SOFR") effective July 1, 2023. There is not a material impact on our consolidated financial statements as a result of this transition.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 3 — Commitments and Contingencies

Commitments

In connection with our development, redevelopment, and other capital additions activities, we have entered into various construction-related contracts, and have made commitments to complete development and redevelopment of certain real estate, pursuant to financing or other arrangements. We expect to fund most of these commitments over the next 24 months. As of June 30, 2023, we had entered into construction-related contracts for $165.5 million, with $229.0 million undrawn on our construction loans.

As of June 30, 2023, we have remaining commitments of $3.2 million related to our unconsolidated joint ventures, which we expect to fund over the next twelve months. In addition, we have remaining commitments of $2.1 million related to our investments in property technology funds invested in entities that develop technology related to the real estate industry. The timing of the remaining funding of these commitments is uncertain.

We also enter into certain commitments for future purchases of goods and services in connection with the operations of our apartment communities. Those commitments generally have terms of one year or less and reflect expenditure levels comparable to our historical expenditures.

Legal Matters

From time to time, we may be a party to certain legal proceedings. While the outcome of the legal proceedings cannot be predicted with certainty, we believe there are no legal proceedings pending that would have a material effect upon our financial condition or results of operations.

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Earnings per Share and per Unit

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings per Share and per Unit

Note 4 — Earnings per Share and per Unit

Aimco and Aimco Operating Partnership calculate basic earnings per share and basic earnings per unit based on the weighted-average number of shares of Common Stock and OP Units outstanding. We calculate diluted earnings per share and diluted earnings per unit taking into consideration dilutive shares of Common Stock and OP Unit equivalents and dilutive convertible securities outstanding during the period.

Aimco's Common Stock and OP Unit equivalents include options to purchase shares of Common Stock, which, if exercised, would result in our issuance of additional shares of Common Stock and Aimco Operating Partnership’s issuance to us of additional OP Units equal to the number of shares of Common Stock purchased under the options. These equivalents also include unvested market-based restricted stock awards that do not meet the definition of participating securities, which would result in an increase in the number of shares of Common Stock and OP Units outstanding equal to the number of the shares that vest. OP Unit equivalents also include unvested long-term incentive partnership units. The Common Stock and OP Unit equivalents were included in the computation of diluted earnings per share and unit for the three and six months ended June 30, 2022, because the effect of their inclusion was dilutive. However, the Common Stock and OP Unit equivalents were not included in the computation of diluted earnings per share and unit for the three and six months ended June 30, 2023, because the effect of their inclusion would be antidilutive. As of June 30, 2023, the Common Stock and OP Unit equivalents that could potentially dilute basic earnings per share or unit in future periods totaled 3.7 million and 7.9 million, respectively.

Aimco's time-based restricted stock awards receive non-forfeitable dividends similar to shares of Common Stock and OP Units prior to vesting, and our market-based long-term incentive partnership units receive non-forfeitable distributions based on specified percentages of the distributions paid to OP Units prior to vesting and conversion. The unvested restricted shares and units related to these awards are participating securities. We include the effect of participating securities in basic and diluted earnings per share and unit computations using the two-class method of allocating distributed and undistributed earnings when the two-class method is more dilutive than the treasury stock method. Participating securities were included in the computation of diluted earnings per share and unit for the three and six months ended June 30, 2022, because the effect of their inclusion was dilutive. However, participating securities are not included in the computation of diluted earnings per share and unit for the three and six months ended June 30, 2023, because the effect of their inclusion would be antidilutive. As of June 30, 2023, participating securities that could potentially dilute basic earnings per share or unit in future periods totaled 2.5 million.

Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three and six months ended June 30, 2023 and 2022, are as follows (in thousands, except per share and per unit data):

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Earnings per share
Numerator:
Net income (loss) attributable to Aimco	$	(3,602	)	$	239,137		$	(12,419	)	$	247,346
Net income allocated to Aimco participating securities		—			(3,284	)		—			(3,410	)
Net income (loss) attributable to Aimco common stockholders	$	(3,602	)	$	235,853		$	(12,419	)	$	243,936
Denominator - shares:
Basic weighted-average common stock outstanding		144,195			149,600			145,007			149,694
Diluted share equivalents outstanding		—			823			—			966
Diluted weighted-average common stock outstanding		144,195			150,423			145,007			150,660
Earnings (loss) per share - basic	$	(0.02	)	$	1.58		$	(0.09	)	$	1.63
Earnings (loss) per share - diluted	$	(0.02	)	$	1.57		$	(0.09	)	$	1.62
Earnings per unit
Numerator:
Net income (loss) attributable to Aimco Operating Partnership	$	(3,780	)	$	251,796		$	(13,071	)	$	260,440
Net income allocated to Aimco Operating Partnership participating securities		—			(3,423	)		—			(3,551	)
Net income (loss) attributable to Aimco Operating Partnership's common unit holders	$	(3,780	)	$	248,373		$	(13,071	)	$	256,889
Denominator - units
Basic weighted-average common partnership units outstanding		151,966			157,525			152,795			157,621
Diluted partnership unit equivalents outstanding		-			922			-			1,045
Diluted weighted-average common partnership units outstanding		151,966			158,447			152,795			158,666
Earnings (loss) per unit - basic	$	(0.02	)	$	1.58		$	(0.09	)	$	1.63
Earnings (loss) per unit - diluted	$	(0.02	)	$	1.57		$	(0.09	)	$	1.62

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Fair Value Measurements and Disclosures

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements and Disclosures

Note 5 — Fair Value Measurements and Disclosures

Recurring Fair Value Measurements

From time to time we purchase interest rate swaps, caps, and other instruments to provide protection against increases in interest rates on our variable rate debt. As of June 30, 2023, we held interest rate swaps and caps with $473.2 million notional value. These instruments were acquired for $5.1 million, and the fair value of these instruments is noted in the table below.

During the three months ended June 30, 2023, we monetized the $1.5 billion notional amount interest rate swaption, purchased in conjunction with the Mezzanine Investment to protect against future interest rate increases, for gross proceeds of $54.2 million. We invested the $53.1 million net proceeds in a three-month treasury instrument, reflected in Cash and cash equivalents in our Condensed Consolidated Balance Sheet, that had a carrying value of $53.6 million as of June 30, 2023, which also approximated its fair value.

On a recurring basis, we measure at fair value our interest rate options. Our interest rate options are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in Realized and unrealized gains (losses) on interest rate options in our Condensed Consolidated Statements of Operations. Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, any upfront premium is reflected in Purchase of interest rate options, and any proceeds are reflected in Proceeds from interest rate options in our Condensed Consolidated Statements of Cash Flows.

As of June 30, 2023 and December 31, 2022, we have an investment in stock of $3.4 million and $1.2 million, respectively, classified within Level 1 of the GAAP fair value hierarchy. In addition, as of June 30, 2023 and December 31, 2022, we have investments in property technology funds of $2.4 million and $3.1 million, respectively, in entities that develop technology related to the real estate industry. These investments are measured at net asset value (“NAV”) as a practical expedient.

The following table summarizes the fair value for our interest rate options and our investments in real estate technology funds as of June 30, 2023 , and December 31, 2022 (in thousands):

	As of June 30, 2023								As of December 31, 2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Interest rate options	$	8,957	$	—	$	8,957	$	—	$	62,259	$	—	$	62,259	$	—
Investment in stock	$	3,443	$	3,443	$	—	$	—	$	1,179	$	1,179	$	—	$	—
Investments in real estate technology funds (1)	$	2,422	$	—	$	—	$	—	$	3,117	$	—	$	—	$	—

(1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy.

Fair Value Disclosures

We believe that the carrying value of the consolidated amounts of cash and cash equivalents, restricted cash, accounts receivable and payables approximated their fair value as of June 30, 2023, and December 31, 2022, due to their relatively short-term nature and high probability of realization. We estimate the fair value of our debt using an income and market approach, including comparison of the contractual terms to observable and unobservable inputs such as market interest rate risk spreads, contractual interest rates, remaining periods to maturity, debt service coverage ratios, and loan to value ratios. We classify the fair value of our non-recourse property debt and construction loans within Level 2 of the GAAP valuation hierarchy based on the significance of certain of the unobservable inputs used to estimate their fair value.

The following table summarizes the carrying value and fair value of our non-recourse property debt, and construction loans as of June 30, 2023, and December 31, 2022 (in thousands):

	As of June 30, 2023				As of December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse property debt	$	876,935	$	826,108	$	938,476	$	878,804
Construction loans		201,990		201,632		126,317		125,954
Total	$	1,078,925	$	1,027,740	$	1,064,793	$	1,004,758

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Variable Interest Entities

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Note 6 — Variable Interest Entities

We evaluate our investments in limited partnerships and similar entities in accordance with applicable consolidation guidance to determine whether each such entity is a VIE. The accounting standards for the consolidation of VIEs require qualitative assessments to determine whether we are the primary beneficiary. The primary beneficiary analysis is based on power and economics. We conclude that we are the primary beneficiary and consolidate the VIE if we have both: (i) the power to direct the activities of the VIE that most significantly influence the VIE's economic performance, and (ii) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. Significant judgments and assumptions related to these determinations include, but are not limited to, estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

We consolidate Aimco Operating Partnership, a VIE of which we are the primary beneficiary. Through Aimco Operating Partnership, we consolidate all VIEs for which we are the primary beneficiary. Substantially all of our assets and liabilities are those of Aimco Operating Partnership.

Aimco Operating Partnership is the primary beneficiary, and therefore consolidates its five VIEs that own interests in real estate. Assets of our consolidated VIEs must first be used to settle the liabilities of those VIEs. The consolidated VIEs' creditors do not have recourse to the general credit of Aimco Operating Partnership.

In addition, we have eight unconsolidated VIEs for which we are not the primary beneficiary because we are not their primary decision maker. The eight unconsolidated VIEs include four unconsolidated real estate partnerships that hold four apartment communities in San Diego, California, the Mezzanine Investment, our passive equity investment in IQHQ, and our two unconsolidated investments in land held for development in Miami, Florida and Bethesda, Maryland. Our maximum exposure to loss because of our involvement with the unconsolidated VIEs is limited to the carrying value of their assets.

The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of June 30, 2023, and December 31, 2022 (in thousands, except for VIE count):

	As of June 30, 2023				As of December 31, 2022
	Consolidated		Unconsolidated		Consolidated		Unconsolidated
Count of VIEs	5		8		5		8
Assets
Real estate, net	$	375,145	$	—	$	258,529	$	—
Cash and cash equivalents		4,541		—		5,075		—
Restricted Cash		7,675		—		1,747		—
Mezzanine investment		—		158,301		—		158,558
Interest rate options		4,887		—		3,900		—
Right-of-use lease assets		109,631		—		110,269		—
Unconsolidated real estate partnerships		—		20,808		—		15,789
Other assets, net		23,027		59,883		25,623		59,823
Liabilities
Accrued liabilities and other		49,373		—		26,003		—
Non-recourse property debt, net		22,779		—		22,689		—
Construction loans, net		102,230		—		40,013		—
Lease liabilities		116,593		—		114,625		—
Mezzanine investment - participation sold		—		33,977		—		—

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Lease Arrangements

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Lease Arrangements

Note 7 — Lease Arrangements

Aimco as Lessor

The majority of lease payments we receive from our residents and tenants are fixed. We receive variable payments from our residents and commercial tenants primarily for utility reimbursements and other services.

For the three and six months ended June 30, 2023 and 2022, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands):

Aimco as Lessee

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Fixed lease income	$	42,208	$	46,851	$	83,213	$	92,982
Variable lease income		3,244		3,673		6,406		7,409
Total lease income	$	45,452	$	50,524	$	89,619	$	100,391

Finance Lease Arrangements

We are lessee to finance leases for the land underlying the development sites at Upton Place, Strathmore Square, and Oak Shore.

As of June 30, 2023 and December 31, 2022, our finance leases had weighted-average remaining terms of 93.8 years and 94.2 years, respectively, and weighted-average discount rates of 6.1% at both period ends.

For the three and six months ended June 30, 2023, amortization related to our finance leases was $0.0 million for both periods, net of amounts capitalized, compared to $3.4 million and $6.7 million, respectively, for the three and six months ended June 30, 2022.

For the three and six months ended June 30, 2023, we capitalized $2.1 million and $4.2 million, respectively, of lease costs associated with active development and redevelopment projects on certain of the underlying property and ground lease assets, compared to $1.8 million and $4.8 million, respectively, for the three and six months ended June 30, 2022.

Operating Lease Arrangements

We have operating leases primarily for corporate office space. Substantially all of the payments under our office leases are fixed. As of June 30, 2023 and December 31, 2022, our operating leases had weighted-average remaining terms of 5.6 years and 6.3 years, respectively, and weighted-average discount rates of 3.3%, and 3.4%, respectively.

We record operating lease expense on a straight-line basis over the lease term. Total operating lease expense for the three and six months ended June 30, 2023 was $0.4 million and $0.8 million, respectively, compared to $0.2 million and $0.3 million, respectively, for the three and six months ended June 30, 2022. As of June 30, 2023 and December 31, 2022, operating lease right-of-use lease assets of $6.9 million and $6.7 million, respectively, are included in Other assets, net in our Condensed Consolidated Balance Sheets. As of June 30, 2023 and December 31, 2022, operating lease liabilities of $12.7 million and $12.8 million, respectively, are included in Accrued liabilities and other in our Condensed Consolidated Balance Sheets.

For finance and operating leases, when the rate implicit in the lease cannot be determined, we estimate the value of our lease liabilities using discount rates equivalent to the rates we would pay on a secured borrowing with terms similar to the leases. We determine if an arrangement is or contains a lease at inception. We have lease agreements with lease and non-lease components, and have elected to not separate these components for all classes of underlying assets. Leases with an initial term of 12 months or less are not recorded in our Condensed Consolidated Balance Sheets. Leases with initial terms greater than 12 months are recorded as operating or finance leases in our Condensed Consolidated Balance Sheets.

Office Space Sublease

We have a sublease arrangement to provide space within our corporate office for fixed rents, which commenced on January 1, 2021 and expires on May 31, 2029. For the three and six months ended June 30, 2023, we recognized sublease income of $0.4 million and $0.7 million, respectively, compared to $0.4 million and $0.7 million, respectively, for the three and six months ended June 30, 2022.

Annual Future Minimum Lease Payments

Combined minimum annual lease payments under operating and finance leases, and sublease income that offsets our operating lease rent, are as follows (in thousands):

	Sublease Income and Lease Modification Income		Operating Lease Future Minimum Rent			Finance Leases Future Minimum Payments
Remainder of 2023	$	704	$	1,271		$	1,451
2024		1,413		2,657			3,921
2025		1,423		2,355			4,437
2026		1,433		2,341			4,954
2027		1,443		2,380			5,483
Thereafter		2,083		3,023			1,433,296
Total	$	8,499		14,027			1,453,542
Less: Discount				(1,283	)		(1,336,949	)
Total lease liabilities			$	12,744		$	116,593

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Business Segments

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Business Segments

Note 8 — Business Segments

We have three segments: (i) Development and Redevelopment; (ii) Operating; and (iii) Other.

Our Development and Redevelopment segment consists of properties that are under construction or have not achieved stabilization, as well as land held for development. As of June 30, 2023, our Development and Redevelopment segment consists of 12 properties: three residential apartment communities with 1,185 apartment homes, of which 276 have been completed and an additional 909 are planned, a single family rental community with 16 planned homes plus eight accessory dwelling units, which we are actively developing or redeveloping; one hotel with 106 rooms and 18,000 square feet of event space completed in April 2023, and land parcels held for development.

Our Operating segment includes 21 residential apartment communities with 5,600 apartment homes that have achieved a stabilized level of operations as of January 1, 2022 and maintained it throughout the current year and comparable period. We aggregate all our apartment communities that have reached stabilization into our Operating segment.

During the first quarter of 2023, we reclassified one residential apartment community from the Other segment to the Operating segment because it reached stabilization. Prior period segment information has been recast based upon our current segment population, and is consistent with how our chief operating decision maker ("CODM") evaluates the business. The recast conforms with our reportable segment classification as of June 30, 2023.

Our Other segment consists of properties currently owned that are not included in our Development and Redevelopment or Operating segments. Our Other segment includes 1001 Brickell Bay Drive, our only office building, and St. George Villas.

Our CODM uses cash flow, construction timeline to completion, and actual versus budgeted results to evaluate our properties in our Development and Redevelopment segment. Our CODM uses proportionate property net operating income to assess the operating performance of our Operating segment. Proportionate property net operating income is defined as our share of rental and other property revenues, excluding utility reimbursements, less direct property operating expenses, including utility reimbursements, for the consolidated communities; but

•excluding the results of four apartment communities with an aggregate 142 apartment homes that we neither manage nor consolidate, our investment in IQHQ and the Mezzanine Investment; and

•excluding property management costs and casualty gains or losses, reported in consolidated amounts, in our assessment of segment performance.

The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the three months ended June 30, 2023 and 2022 (in thousands):

	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)			Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended June 30, 2023
Rental and other property revenues	$	3,640	$	37,011	$	3,432	$	1,591		$	—		$	45,674
Property operating expenses		2,684		11,496		1,520		1,627			1,456			18,783
Other operating expenses not allocated    to segments (3)		—		—		—		—			24,921			24,921
Total operating expenses		2,684		11,496		1,520		1,627			26,377			43,704
Proportionate property net operating    income (loss)		956		25,515		1,912		(36	)		(26,377	)		1,970
Other items included in income before    income tax (4)		—		—		—		—			(2,243	)		(2,243	)
Income (loss) before income tax	$	956	$	25,515	$	1,912	$	(36	)	$	(28,620	)	$	(273	)

	Development and Redevelopment			Operating		Other		Proportionate and Other Adjustments(1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended June 30, 2022
Rental and other property revenues	$	33		$	33,809	$	3,645	$	1,461	$	11,749		$	50,697
Property operating expenses		363			10,563		1,138		1,439		6,205			19,708
Other operating expenses not allocated    to segments (3)		—			—		—		—		43,824			43,824
Total operating expenses		363			10,563		1,138		1,439		50,029			63,532
Proportionate property net operating    income (loss)		(330	)		23,246		2,507		22		(38,280	)		(12,835	)
Other items included in income before    income tax (4)		—			—		—		—		312,003			312,003
Income (loss) before income tax	$	(330	)	$	23,246	$	2,507	$	22	$	273,723		$	299,168

The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the six months ended June 30, 2023 and 2022 (in thousands):

	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)			Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Six Months Ended June 30, 2023
Rental and other property revenues	$	5,842	$	73,683	$	7,129	$	3,288		$	—		$	89,942
Property operating expenses		4,708		22,683		2,712		3,304			2,880			36,287
Other operating expenses not allocated    to segments (3)		—		—		—		—			49,595			49,595
Total operating expenses		4,708		22,683		2,712		3,304			52,475			85,882
Proportionate property net operating    income (loss)		1,134		51,000		4,417		(16	)		(52,475	)		4,060
Other items included in income before    income tax (4)		—		—		—		—			(14,282	)		(14,282	)
Income (loss) before income tax	$	1,134	$	51,000	$	4,417	$	(16	)	$	(66,757	)	$	(10,222	)

	Development and Redevelopment			Operating		Other		Proportionate and Other Adjustments(1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Six Months Ended June 30, 2022
Rental and other property revenues	$	81		$	66,739	$	8,000	$	3,122	$	22,749		$	100,691
Property operating expenses		572			20,960		2,577		3,076		11,744			38,929
Other operating expenses not allocated    to segments (3)		—			—		—		—		76,414			76,414
Total operating expenses		572			20,960		2,577		3,076		88,158			115,343
Proportionate property net operating    income (loss)		(491	)		45,779		5,423		46		(65,409	)		(14,652	)
Other items included in income before    income tax (4)		—			—		—		—		319,876			319,876
Income (loss) before income tax	$	(491	)	$	45,779	$	5,423	$	46	$	254,467		$	305,224

(1)Represents adjustments for noncontrolling interests in consolidated real estate partnerships' share of the results of consolidated communities in our segments, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements, which are included in Rental and other property revenues in our Condensed Consolidated Statements of Operations, in accordance with GAAP, from revenues to property operating expenses for the purpose of evaluating segment results.

(2)Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any. Also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure.

(3)Other operating expenses not allocated to segments consist of depreciation and amortization and general and administrative expense.

(4)Other items included in Income before income tax benefit consist primarily of lease modification income, gain on dispositions of real estate, interest expense, mezzanine investment income (loss), net realized and unrealized gains (losses) on interest rate options, and realized and unrealized gains (losses) on equity investments.

Net real estate and non-recourse property debt, net, of our segments as of June 30, 2023 and December 31, 2022, were as follows (in thousands):

	Development and Redevelopment			Operating			Other			Total
As of June 30, 2023:
Buildings and improvements	$	599,807		$	702,884		$	165,041		$	1,467,732
Land		226,161			262,409			150,090			638,660
Total real estate		825,968			965,293			315,131			2,106,392
Accumulated depreciation		(7,385	)		(472,573	)		(68,358	)		(548,316	)
Net real estate	$	818,583		$	492,720		$	246,773		$	1,558,076
Non-recourse property debt and construction loans, net	$	218,468		$	766,453		$	80,741		$	1,065,662

	Development and Redevelopment			Operating			Other			Total
As of December 31, 2022:
Buildings and improvements	$	449,316		$	708,665		$	164,400		$	1,322,381
Land		228,568			262,409			150,125		$	641,102
Total real estate		677,884			971,074			314,525			1,963,483
Accumulated depreciation		(2,378	)		(468,428	)		(59,916	)	$	(530,722	)
Net real estate	$	675,506		$	502,646		$	254,609		$	1,432,761
Non-recourse property debt and construction loans, net	$	200,135		$	767,513		$	80,551		$	1,048,199

In addition to the amounts disclosed in the tables above, as of June 30, 2023 the Development and Redevelopment segment right-of-use lease assets and lease liabilities aggregated to $109.6 million and $116.6 million, respectively, and as of December 31, 2022, aggregated to $110.3 million and $114.6 million, respectively. As of June 30, 2023 and December 31, 2022, right-of-use lease assets and lease liabilities primarily relate to our investments in Upton Place, Strathmore, and Oak Shore.

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Basis of Presentation and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP") have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.

The Condensed Consolidated Balance Sheets of Aimco and Aimco Operating Partnership as of December 31, 2022 have been derived from their respective audited financial statements at that date, but do not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in Aimco’s and Aimco Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2022. Except where indicated, the footnotes refer to both Aimco and Aimco Operating Partnership.

Principles of Consolidation

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of Aimco, Aimco Operating Partnership, and their consolidated subsidiaries. Aimco Operating Partnership’s condensed consolidated financial statements include the accounts of Aimco Operating Partnership and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

We consolidate a variable interest entity (“VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE.

As used herein, and except where the context otherwise requires, “partnership” refers to a limited partnership or a limited liability company and “partner” refers to a partner in a limited partnership or a member of a limited liability company.

Certain reclassifications have been made to prior period amounts to conform to the current period condensed consolidated financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows.

Common Noncontrolling Interests in Aimco Operating Partnership

Common Noncontrolling Interests in Aimco Operating Partnership

Common noncontrolling interests in Aimco Operating Partnership consist of OP Units held by third parties, and are reflected in Aimco’s accompanying Condensed Consolidated Balance Sheets as Common Noncontrolling Interests in Aimco Operating Partnership. Aimco Operating Partnership’s income or loss is allocated to the holders of OP Units, other than Aimco, based on the weighted-average number of OP Units (including Aimco) outstanding during the period. For the periods ended June 30, 2023 and 2022, the holders of OP Units had a weighted-average economic ownership interest in Aimco Operating Partnership of approximately 5.1%, and 5.0%, respectively. Substantially all of the assets and liabilities of Aimco are held by Aimco Operating Partnership.

Redeemable Noncontrolling Interests in Consolidated Real Estate Partnerships

Redeemable noncontrolling interests consist of equity interests held by a limited partner in a consolidated real estate partnership that has a finite life. If a consolidated real estate partnership includes redemption rights that are not within our control, the noncontrolling interest is included as temporary equity.

Redeemable noncontrolling interests in consolidated real estate partnerships as of June 30, 2023, consists of the following: (i) a $102.0 million preferred equity interest in an entity that owns a portfolio of operating apartment communities and (ii) equity interests in two separate consolidated joint ventures that are actively developing residential apartment communities. Capital contributions, distributions, and net income attributable to redeemable noncontrolling interests in consolidated real estate partnerships are determined in accordance with the relevant partnership agreements. These interests are presented as Redeemable noncontrolling interests in consolidated real estate partnerships in our Condensed Consolidated Balance Sheet as of June 30, 2023.

The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2022 to June 30, 2023 (in thousands):

Balance at December 31, 2022	$	166,826
Capital contributions		125
Distributions		(5,152	)
Net income		6,849
Balance at June 30, 2023	$	168,648

Mezzanine Investment

Mezzanine Investment

In November 2019, Aimco Predecessor made a five-year, $275.0 million mezzanine loan to the partnership owning the “Parkmerced Apartments” located in southwest San Francisco (the “Mezzanine Investment”). The loan bears interest at a 10% annual rate, accruing if not paid from property operations. Ownership of the subsidiaries that originated and hold the Mezzanine Investment was retained by AIR following the Separation.

The Separation Agreement with AIR provides for AIR to transfer ownership of the subsidiaries that originated and hold the Mezzanine Investment, a related equity option to acquire a 30% interest in the partnership owning Parkmerced Apartments and the interest rate option, or swaption, that provides partial protection against future refinancing risk to Aimco through 2024 once required third-party consents are received. At the time of Separation and as of the date of this filing, legal title of these subsidiaries had not yet transferred to us. Until legal title of the subsidiaries is transferred, AIR is obligated to pass payments received on the Mezzanine Investment to us, and we are obligated to indemnify AIR against any costs and expenses related thereto. We have the risks and rewards of ownership of the Mezzanine Investment and have recognized an asset related to our right to receive the Mezzanine Investment from AIR.

On a periodic basis, we evaluate our Mezzanine Investment for impairment. We assess whether there are any indicators that imply the value of our investment may be impaired. These include assessments of both the underlying property performance and general market conditions in place. An investment is considered impaired if we determine that its fair value is less than the net carrying value of the investment on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include the loan’s maturity date, our intent and ability to retain our investment in the entity, and the financial condition and long-term prospects of the entity.

Prior to recording a non-cash impairment charge during the three months ended December 31, 2022, we recognized as income the net amounts earned on the Mezzanine Investment by AIR on its equity investment that were due to be paid to us when collected to the extent the income was supported by the change in the counterparty’s claim to the net assets of the underlying borrower. The income recognized primarily represented the interest accrued under the terms of the underlying Mezzanine Investment.

In June 2023, we closed on the sale of a 20% non-controlling participation in the Mezzanine Investment for $33.5 million. Pursuant to the terms of the agreement, the purchaser has the option to acquire the remaining 80% for an additional $134 million plus interest accruing at no less than 19% annually through May 2024 when the option expires. The purchaser pre-paid $4 million of interest at the time of closing. So long as the purchaser's option remains unexercised, Aimco receives a first priority return from any payments made to service or pay down the Mezzanine Investment equal to $134 million plus no less than a 19% annualized return as well as 80% of any residual payments after the purchaser receives a 10% annualized return on its subordinate investment. Additionally, Aimco is responsible for the servicing and administration of the Mezzanine Investment.

Because Aimco receives first priority and a higher annualized return than the purchaser, the sale and transfer of the financial interest does not qualify for sale accounting in accordance with GAAP. Therefore, the portion of the Mezzanine Investment that was sold, which has a carrying amount of $31.5 million, remains in Mezzanine investment in our Condensed Consolidated Balance Sheet. We have also recorded the cash received from the purchaser as a liability, which is included in Mezzanine investment - participation sold in our Condensed Consolidated Balance Sheet. Transaction costs have been deferred and presented as a direct reduction from the related liability in Mezzanine investment - participation sold in our Condensed Consolidated Balance Sheet. The cash flows associated with the Mezzanine investment - participation sold have been included in Cash Flows from Financing Activities in the Condensed Consolidated Statements of Cash Flows.

Income Tax Benefit (Expense)

Income Tax Benefit (Expense)

Certain aspects of our operations, including our development and redevelopment activities, are conducted through taxable REIT subsidiaries, or TRS entities. Additionally, our TRS entities hold investments in one of our apartment communities and 1001 Brickell Bay Drive.

Our income tax benefit (expense) calculated in accordance with GAAP includes income taxes associated with the income or loss of our TRS entities. Income taxes, as well as changes in valuation allowance and incremental deferred tax items in conjunction with intercompany asset transfers and internal restructurings (if applicable), are included in Income tax benefit (expense) in our Condensed Consolidated Statements of Operations.

Consolidated GAAP income or loss subject to tax consists of pretax income or loss of our taxable entities and gains retained by the REIT. For the three and six months ended June 30, 2023, we had consolidated net losses subject to tax of $2.5 million and $7.4 million, respectively. For the three and six months ended June 30, 2022, we had consolidated net income subject to tax of $181.4 million and $166.6 million, respectively.

For the three months ended June 30, 2023, we recognized an income tax benefit of $0.4 million, compared to income tax expense of $46.0 million during the same period in 2022. The change is due primarily to GAAP income taxes associated with the lease modification income recognized in the second quarter of 2022.

For the six months ended June 30, 2023, we recognized an income tax benefit of $4.6 million compared to income tax expense of $41.9 million during the same period in 2022. The change is primarily due to GAAP income taxes associated with the lease modification income recognized in the second quarter of 2022, as well as a change in the first quarter of 2023 to the effective state tax rate expected to apply to the reversal of deferred taxes.

Use of Estimates

Use of Estimates

The preparation of our condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts included in the financial statements and accompanying notes thereto. Actual results could differ from those estimates.

Cash Equivalents

Cash Equivalents

We classify highly liquid investments with an original maturity of three months or less as cash equivalents. We maintain cash equivalents in financial institutions in excess of insured limits. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions.

Restricted Cash

Restricted Cash

Restricted cash consists of tenant security deposits, capital replacement reserves, insurance reserves, and cash restricted as required by our debt agreements.

Other Assets, net

Other Assets, net

Other assets were comprised of the following amounts (in thousands):

	June 30, 2023		December 31, 2022
Other investments	$	65,554	$	63,982
Deferred costs, deposits, and other		18,493		20,460
Prepaid expenses and real estate taxes		13,851		17,363
Intangible assets, net		13,632		14,160
Corporate fixed assets		9,341		8,371
Accounts receivable, net of allowances of $346 and $1,206 as of June 30, 2023 and December 31, 2022, respectively		4,202		4,079
Deferred tax assets		1,788		2,321
Due from third-party property manager		1,143		1,669
Due from affiliates		636		274
Total other assets, net	$	128,640	$	132,679

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04,“Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which provides optional expedients to debt, derivatives, and other contracts that refer to LIBOR or another reference rate expected to be discontinued because of reference rate reform. The original ASU was effective as of its issuance date and provided temporary relief through December 31, 2022, which was extended through December 31, 2024 by ASU 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848". We are transitioning to the Secured Overnight Financing Rate ("SOFR") effective July 1, 2023. There is not a material impact on our consolidated financial statements as a result of this transition.

Fair Value of Financial Instruments

On a recurring basis, we measure at fair value our interest rate options. Our interest rate options are classified within Level 2 of the GAAP fair value hierarchy, and we estimate their fair value using pricing models that rely on observable market information, including contractual terms, market prices, and interest rate yield curves. The fair value adjustment is included in earnings in Realized and unrealized gains (losses) on interest rate options in our Condensed Consolidated Statements of Operations. Changes in fair value are reflected as a non-cash transaction in adjustments to arrive at cash flows from operations, any upfront premium is reflected in Purchase of interest rate options, and any proceeds are reflected in Proceeds from interest rate options in our Condensed Consolidated Statements of Cash Flows.

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Basis of Presentation and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships

The following table shows changes in our redeemable noncontrolling interests in consolidated real estate partnerships from December 31, 2022 to June 30, 2023 (in thousands):

Balance at December 31, 2022	$	166,826
Capital contributions		125
Distributions		(5,152	)
Net income		6,849
Balance at June 30, 2023	$	168,648

Summary of Other Assets

Other assets were comprised of the following amounts (in thousands):

	June 30, 2023		December 31, 2022
Other investments	$	65,554	$	63,982
Deferred costs, deposits, and other		18,493		20,460
Prepaid expenses and real estate taxes		13,851		17,363
Intangible assets, net		13,632		14,160
Corporate fixed assets		9,341		8,371
Accounts receivable, net of allowances of $346 and $1,206 as of June 30, 2023 and December 31, 2022, respectively		4,202		4,079
Deferred tax assets		1,788		2,321
Due from third-party property manager		1,143		1,669
Due from affiliates		636		274
Total other assets, net	$	128,640	$	132,679

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Earnings per Share and per Unit (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit

Reconciliations of the numerator and denominator in the calculations of basic and diluted earnings per share and per unit for the three and six months ended June 30, 2023 and 2022, are as follows (in thousands, except per share and per unit data):

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Earnings per share
Numerator:
Net income (loss) attributable to Aimco	$	(3,602	)	$	239,137		$	(12,419	)	$	247,346
Net income allocated to Aimco participating securities		—			(3,284	)		—			(3,410	)
Net income (loss) attributable to Aimco common stockholders	$	(3,602	)	$	235,853		$	(12,419	)	$	243,936
Denominator - shares:
Basic weighted-average common stock outstanding		144,195			149,600			145,007			149,694
Diluted share equivalents outstanding		—			823			—			966
Diluted weighted-average common stock outstanding		144,195			150,423			145,007			150,660
Earnings (loss) per share - basic	$	(0.02	)	$	1.58		$	(0.09	)	$	1.63
Earnings (loss) per share - diluted	$	(0.02	)	$	1.57		$	(0.09	)	$	1.62
Earnings per unit
Numerator:
Net income (loss) attributable to Aimco Operating Partnership	$	(3,780	)	$	251,796		$	(13,071	)	$	260,440
Net income allocated to Aimco Operating Partnership participating securities		—			(3,423	)		—			(3,551	)
Net income (loss) attributable to Aimco Operating Partnership's common unit holders	$	(3,780	)	$	248,373		$	(13,071	)	$	256,889
Denominator - units
Basic weighted-average common partnership units outstanding		151,966			157,525			152,795			157,621
Diluted partnership unit equivalents outstanding		-			922			-			1,045
Diluted weighted-average common partnership units outstanding		151,966			158,447			152,795			158,666
Earnings (loss) per unit - basic	$	(0.02	)	$	1.58		$	(0.09	)	$	1.63
Earnings (loss) per unit - diluted	$	(0.02	)	$	1.57		$	(0.09	)	$	1.62

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Fair Value Measurements and Disclosures (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Fair Value for Interest Rate Options and Investments in Real Estate Technology Funds

The following table summarizes the fair value for our interest rate options and our investments in real estate technology funds as of June 30, 2023 , and December 31, 2022 (in thousands):

	As of June 30, 2023								As of December 31, 2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Interest rate options	$	8,957	$	—	$	8,957	$	—	$	62,259	$	—	$	62,259	$	—
Investment in stock	$	3,443	$	3,443	$	—	$	—	$	1,179	$	1,179	$	—	$	—
Investments in real estate technology funds (1)	$	2,422	$	—	$	—	$	—	$	3,117	$	—	$	—	$	—

(1) Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy.

Summary of Carrying Value and Fair Value of Non-recourse Property Debt, Construction Loans

The following table summarizes the carrying value and fair value of our non-recourse property debt, and construction loans as of June 30, 2023, and December 31, 2022 (in thousands):

	As of June 30, 2023				As of December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Non-recourse property debt	$	876,935	$	826,108	$	938,476	$	878,804
Construction loans		201,990		201,632		126,317		125,954
Total	$	1,078,925	$	1,027,740	$	1,064,793	$	1,004,758

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Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The details of our consolidated and unconsolidated VIEs, excluding those of Aimco Operating Partnership, are summarized in the table below as of June 30, 2023, and December 31, 2022 (in thousands, except for VIE count):

	As of June 30, 2023				As of December 31, 2022
	Consolidated		Unconsolidated		Consolidated		Unconsolidated
Count of VIEs	5		8		5		8
Assets
Real estate, net	$	375,145	$	—	$	258,529	$	—
Cash and cash equivalents		4,541		—		5,075		—
Restricted Cash		7,675		—		1,747		—
Mezzanine investment		—		158,301		—		158,558
Interest rate options		4,887		—		3,900		—
Right-of-use lease assets		109,631		—		110,269		—
Unconsolidated real estate partnerships		—		20,808		—		15,789
Other assets, net		23,027		59,883		25,623		59,823
Liabilities
Accrued liabilities and other		49,373		—		26,003		—
Non-recourse property debt, net		22,779		—		22,689		—
Construction loans, net		102,230		—		40,013		—
Lease liabilities		116,593		—		114,625		—
Mezzanine investment - participation sold		—		33,977		—		—

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Lease Arrangements (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Lease Income for Residential and Commercial Property Leases

For the three and six months ended June 30, 2023 and 2022, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands):

Aimco as Lessee

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Fixed lease income	$	42,208	$	46,851	$	83,213	$	92,982
Variable lease income		3,244		3,673		6,406		7,409
Total lease income	$	45,452	$	50,524	$	89,619	$	100,391

Minimum Annual Lease Payments Under Operating, Financing Leases and Sublease Income

Combined minimum annual lease payments under operating and finance leases, and sublease income that offsets our operating lease rent, are as follows (in thousands):

	Sublease Income and Lease Modification Income		Operating Lease Future Minimum Rent			Finance Leases Future Minimum Payments
Remainder of 2023	$	704	$	1,271		$	1,451
2024		1,413		2,657			3,921
2025		1,423		2,355			4,437
2026		1,433		2,341			4,954
2027		1,443		2,380			5,483
Thereafter		2,083		3,023			1,433,296
Total	$	8,499		14,027			1,453,542
Less: Discount				(1,283	)		(1,336,949	)
Total lease liabilities			$	12,744		$	116,593

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Business Segments (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Summary of Information for Reportable Segments

The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the three months ended June 30, 2023 and 2022 (in thousands):

	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)			Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended June 30, 2023
Rental and other property revenues	$	3,640	$	37,011	$	3,432	$	1,591		$	—		$	45,674
Property operating expenses		2,684		11,496		1,520		1,627			1,456			18,783
Other operating expenses not allocated    to segments (3)		—		—		—		—			24,921			24,921
Total operating expenses		2,684		11,496		1,520		1,627			26,377			43,704
Proportionate property net operating    income (loss)		956		25,515		1,912		(36	)		(26,377	)		1,970
Other items included in income before    income tax (4)		—		—		—		—			(2,243	)		(2,243	)
Income (loss) before income tax	$	956	$	25,515	$	1,912	$	(36	)	$	(28,620	)	$	(273	)

	Development and Redevelopment			Operating		Other		Proportionate and Other Adjustments(1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Three Months Ended June 30, 2022
Rental and other property revenues	$	33		$	33,809	$	3,645	$	1,461	$	11,749		$	50,697
Property operating expenses		363			10,563		1,138		1,439		6,205			19,708
Other operating expenses not allocated    to segments (3)		—			—		—		—		43,824			43,824
Total operating expenses		363			10,563		1,138		1,439		50,029			63,532
Proportionate property net operating    income (loss)		(330	)		23,246		2,507		22		(38,280	)		(12,835	)
Other items included in income before    income tax (4)		—			—		—		—		312,003			312,003
Income (loss) before income tax	$	(330	)	$	23,246	$	2,507	$	22	$	273,723		$	299,168

The following tables present the results of operations of consolidated properties with our segments reported on a proportionate basis for the six months ended June 30, 2023 and 2022 (in thousands):

	Development and Redevelopment		Operating		Other		Proportionate and Other Adjustments(1)			Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Six Months Ended June 30, 2023
Rental and other property revenues	$	5,842	$	73,683	$	7,129	$	3,288		$	—		$	89,942
Property operating expenses		4,708		22,683		2,712		3,304			2,880			36,287
Other operating expenses not allocated    to segments (3)		—		—		—		—			49,595			49,595
Total operating expenses		4,708		22,683		2,712		3,304			52,475			85,882
Proportionate property net operating    income (loss)		1,134		51,000		4,417		(16	)		(52,475	)		4,060
Other items included in income before    income tax (4)		—		—		—		—			(14,282	)		(14,282	)
Income (loss) before income tax	$	1,134	$	51,000	$	4,417	$	(16	)	$	(66,757	)	$	(10,222	)

	Development and Redevelopment			Operating		Other		Proportionate and Other Adjustments(1)		Corporate and Amounts Not Allocated to Segments (2)			Consolidated
Six Months Ended June 30, 2022
Rental and other property revenues	$	81		$	66,739	$	8,000	$	3,122	$	22,749		$	100,691
Property operating expenses		572			20,960		2,577		3,076		11,744			38,929
Other operating expenses not allocated    to segments (3)		—			—		—		—		76,414			76,414
Total operating expenses		572			20,960		2,577		3,076		88,158			115,343
Proportionate property net operating    income (loss)		(491	)		45,779		5,423		46		(65,409	)		(14,652	)
Other items included in income before    income tax (4)		—			—		—		—		319,876			319,876
Income (loss) before income tax	$	(491	)	$	45,779	$	5,423	$	46	$	254,467		$	305,224

(1)Represents adjustments for noncontrolling interests in consolidated real estate partnerships' share of the results of consolidated communities in our segments, which are included in the related consolidated amounts, but excluded from proportionate property net operating income for our segment evaluation. Also includes the reclassification of utility reimbursements, which are included in Rental and other property revenues in our Condensed Consolidated Statements of Operations, in accordance with GAAP, from revenues to property operating expenses for the purpose of evaluating segment results.

(2)Includes the operating results of apartment communities sold during the periods shown or held for sale at the end of the period, if any. Also includes property management expenses and casualty gains and losses, which are included in consolidated property operating expenses and are not part of our segment performance measure.

(3)Other operating expenses not allocated to segments consist of depreciation and amortization and general and administrative expense.

(4)Other items included in Income before income tax benefit consist primarily of lease modification income, gain on dispositions of real estate, interest expense, mezzanine investment income (loss), net realized and unrealized gains (losses) on interest rate options, and realized and unrealized gains (losses) on equity investments.

Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment

Net real estate and non-recourse property debt, net, of our segments as of June 30, 2023 and December 31, 2022, were as follows (in thousands):

	Development and Redevelopment			Operating			Other			Total
As of June 30, 2023:
Buildings and improvements	$	599,807		$	702,884		$	165,041		$	1,467,732
Land		226,161			262,409			150,090			638,660
Total real estate		825,968			965,293			315,131			2,106,392
Accumulated depreciation		(7,385	)		(472,573	)		(68,358	)		(548,316	)
Net real estate	$	818,583		$	492,720		$	246,773		$	1,558,076
Non-recourse property debt and construction loans, net	$	218,468		$	766,453		$	80,741		$	1,065,662

	Development and Redevelopment			Operating			Other			Total
As of December 31, 2022:
Buildings and improvements	$	449,316		$	708,665		$	164,400		$	1,322,381
Land		228,568			262,409			150,125		$	641,102
Total real estate		677,884			971,074			314,525			1,963,483
Accumulated depreciation		(2,378	)		(468,428	)		(59,916	)	$	(530,722	)
Net real estate	$	675,506		$	502,646		$	254,609		$	1,432,761
Non-recourse property debt and construction loans, net	$	200,135		$	767,513		$	80,551		$	1,048,199

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Organization (Details Textual)	6 Months Ended
	Jun. 30, 2023 Community Property Hotel OfficeBuilding Dwelling ApartmentHome Room Home
Continuing Operations [Member]
Organization [Line Items]
Number of real estate properties | Property	26
Number of units in real estate property	1,185
Continuing Operations [Member] | Commercial Office Building [Member]
Organization [Line Items]
Number of real estate properties | OfficeBuilding	1
Continuing Operations [Member] | Residential Apartment Communities in Redevelopment [Member]
Organization [Line Items]
Number of real estate properties | Community	3
Continuing Operations [Member] | Hotel [Member]
Organization [Line Items]
Number of real estate properties | Hotel	1
Continuing Operations [Member] | Planned Apartment Homes [Member]
Organization [Line Items]
Number of units in real estate property	909
Continuing Operations [Member] | Rooms [Member]
Organization [Line Items]
Number of units in real estate property | Room	106
Continuing Operations [Member] | Apartment Homes Redevelopment Completed [Member]
Organization [Line Items]
Number of units in real estate property	276
Continuing Operations [Member] | Planned Homes [Member]
Organization [Line Items]
Number of real estate properties | Home	16
Continuing Operations [Member] | Accessory Dwelling Units [Member]
Organization [Line Items]
Number of units in real estate property | Dwelling	8
Continuing Operations [Member] | Consolidated Properties [Member]
Organization [Line Items]
Number of real estate properties | Property	22
Number of units in real estate property	5,640
Continuing Operations [Member] | Unconsolidated Properties[ Member]
Organization [Line Items]
Number of real estate properties | OfficeBuilding	4
Aimco Operating Partnership [Member]
Organization [Line Items]
Percentage of the Aimco Operating Partnership common partnership units and equivalents owned by Aimco	92.50%
Percentage of economic interest in Aimco Operating Partnership owned by Aimco	94.90%
Percentage of Aimco Operating Partnership common partnership units and equivalents owned by other limited partners	7.50%

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Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 30, 2023	Nov. 30, 2019	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Weighted average ownership interest					5.10%	5.00%
Percentage of noncontrolling position sold	20.00%
Proceeds from sale of noncontrolling position	$ 33,500
Percentage of noncontrolling position remaining	80.00%
Additional proceeds from sale of noncontrolling position	$ 134,000
Minimum interest accruing percentage	19.00%
Interest prepayment received	$ 4,000
Mezzanine investment	158,301		$ 158,301		$ 158,301		$ 158,558
Consolidated income (loss) subject to tax			(2,500)	$ 181,400	(7,400)	$ 166,600
Preferred equity, investment amount	102,000		102,000		102,000
Income tax benefit (expense)			417	(45,957)	4,613	(41,901)
Aimco OP L.P. [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Payment made to mezzaine investment	$ 134,000
Minimum annualized returns percentage	19.00%
Percentage of residual payments	80.00%
Percentage of annualized return on subordinate investment	10.00%
Mezzanine investment	$ 158,301		158,301		158,301		$ 158,558
Income tax benefit (expense)			417	$ (45,957)	$ 4,613	$ (41,901)
Parkmerced Investment [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Equity method investment aggregate cost		$ 275,000
Equity method investment term		5 years
Equity method investment interest rate		10.00%
Option to acquire equity interest in partnership, percentage					30.00%
Mezzanine investment	$ 31,500		$ 31,500		$ 31,500

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Basis of Presentation and Summary of Significant Accounting Policies - Summary of Reconciliation of Redeemable Noncontrolling Interests in Real Estate Partnerships (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Redeemable Noncontrolling Interest [Line Items]
Balance at December 31, 2022	$ 166,826
Balance at June 30, 2023	168,648
Real Estate Partnership [Member]
Redeemable Noncontrolling Interest [Line Items]
Balance at December 31, 2022	166,826
Capital contributions	125
Distributions	(5,152)
Net income	6,849
Balance at June 30, 2023	$ 168,648

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Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Other investments	$ 65,554	$ 63,982
Deferred costs, deposits, and other	18,493	20,460
Prepaid expenses and real estate taxes	13,851	17,363
Intangible assets, net	13,632	14,160
Corporate fixed assets	9,341	8,371
Accounts receivable, net of allowances of $345 and $1,206 as of June 30, 2023 and December 31, 2022, respectively	4,202	4,079
Deferred tax assets	1,788	2,321
Due from third-party property manager	1,143	1,669
Total other assets, net	128,640	132,679
Related Party [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Due from affiliates	$ 636	$ 274

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Basis of Presentation and Summary of Significant Accounting Policies - Summary of Other Assets (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable, net of allowances	$ 346	$ 1,206

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Commitments and Contingencies (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Long-term Purchase Commitment [Line Items]
Construction related contracts, amount	$ 165.5
Undrawn construction loans	229.0
Unconsolidated Joint Ventures [Member]
Long-term Purchase Commitment [Line Items]
Remaining commitments	$ 3.2
Commitments related to development, redevelopment and capital improvement activities [Member]
Long-term Purchase Commitment [Line Items]
Time Period of Long-term Purchase Commitment	24 months
Commitments related to development, redevelopment and capital improvement activities [Member] | RET Ventures [Member]
Long-term Purchase Commitment [Line Items]
Remaining commitments	$ 2.1
Commitments related to operations [Member] | Maximum [Member]
Long-term Purchase Commitment [Line Items]
Time Period of Long-term Purchase Commitment	1 year

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Earnings per Share and per Unit - Reconciliations of Numerator and Denominator in Calculations of Basic and Diluted Earnings per Share and per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Net income (loss) attributable to Aimco	$ (3,602)	$ 239,137	$ (12,419)	$ 247,346
Net income allocated to Aimco participating securities	0	(3,284)	0	(3,410)
Net income (loss) attributable to Aimco common stockholders	$ (3,602)	$ 235,853	$ (12,419)	$ 243,936
Basic weighted-average common stock outstanding	144,195	149,600	145,007	149,694
Diluted share equivalents outstanding	0	823	0	966
Diluted weighted-average common stock outstanding	144,195	150,423	145,007	150,660
Earnings (loss) per share - basic	$ (0.02)	$ 1.58	$ (0.09)	$ 1.63
Earnings (loss) per share - diluted	$ (0.02)	$ 1.57	$ (0.09)	$ 1.62
Aimco OP L.P. [Member]
Schedule of Earnings Per Share and Dividends Per Share [Line Items]
Net income (loss) attributable to Aimco	$ (3,780)	$ 251,796	$ (13,071)	$ 260,440
Net income allocated to Aimco participating securities	0	(3,423)	0	(3,551)
Net income (loss) attributable to Aimco common stockholders	$ (3,780)	$ 248,373	$ (13,071)	$ 256,889
Basic weighted-average common stock outstanding	151,966	157,525	152,795	157,621
Diluted share equivalents outstanding	0	922	0	1,045
Diluted weighted-average common stock outstanding	151,966	158,447	152,795	158,666
Earnings (loss) per share - basic	$ (0.02)	$ 1.58	$ (0.09)	$ 1.63
Earnings (loss) per share - diluted	$ (0.02)	$ 1.57	$ (0.09)	$ 1.62

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Earnings per Share and per Unit (Details Textual) shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) shares
Schedule Of Earnings Per Share And Dividends Per Share [Line Items]
Participating securities that could potentially dilute basic earnings per share | $	$ 2.5
Common Stock [Member]
Schedule Of Earnings Per Share And Dividends Per Share [Line Items]
Securities that could potentially dilute basic earnings per share or unit in future periods	3.7
OP Unit Equivalents [Member]
Schedule Of Earnings Per Share And Dividends Per Share [Line Items]
Securities that could potentially dilute basic earnings per share or unit in future periods	7.9

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Fair Value Measurements and Disclosures (Details Textual) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments acquired			$ 5,100
Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	$ 3,443		3,443	$ 1,179
Common Stock [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	3,443		3,443	1,179
Property Technology Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment	2,400		2,400	$ 3,100
Interest Rate Swaption [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Notional Amount		$ 1,500,000
Investment	53,600		53,600
Net proceeds from investments	53,100	$ 54,200
Interest Rate Swaps and Caps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Notional Amount	$ 473,200		$ 473,200

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Fair Value Measurements and Disclosures - Summary of Fair Value for Interest Rate Options and Investments in Real Estate Technology Funds (Details) - Fair Value, Recurring - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate options		$ 8,957	$ 62,259
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate options		0	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate options		8,957	62,259
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate options		0	0
Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		3,443	1,179
Common Stock [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		3,443	1,179
Common Stock [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0	0
Common Stock [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0	0
Real Estate Technology Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	2,422	3,117
Real Estate Technology Funds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	0	0
Real Estate Technology Funds [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	0	0
Real Estate Technology Funds [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	[1]	$ 0	$ 0

[1] Investments measured at fair value using NAV as a practical expedient are not classified in the fair value hierarchy.

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Fair Value Measurements and Disclosures - Summary of Carrying Value and Fair Value of Non-recourse Property Debt, Construction Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	$ 1,078,925	$ 1,064,793
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	1,027,740	1,004,758
Non-recourse Property Debt [Member] | Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	876,935	938,476
Non-recourse Property Debt [Member] | Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	826,108	878,804
Construction Loans [Member] | Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	201,990	126,317
Construction Loans [Member] | Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Debt, Fair Value	$ 201,632	$ 125,954

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Variable Interest Entities (Details Textual)	Jun. 30, 2023 ApartmentHome Entity	Dec. 31, 2022 Entity
Consolidated Entities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Number Of Variable Interest Entities	5	5
Unconsolidated Entities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Number Of Variable Interest Entities	8	8
San Diego Communities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Number of apartment communities | ApartmentHome	4

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Variable Interest Entities (Details) $ in Thousands	Jun. 30, 2023 USD ($) Entity	Dec. 31, 2022 USD ($) Entity
Real estate, net	$ 1,558,076	$ 1,432,761
Cash and cash equivalents	164,990	206,460
Mezzanine investment	158,301	158,558
Right-of-use lease assets	6,900	6,700
Unconsolidated real estate partnerships	20,808	15,789
Accrued liabilities and other	118,744	106,600
Non-recourse property debt, net	869,974	929,501
Construction loans, net	195,688	118,698
Total lease liabilities	116,593	114,625
Interest Rate Options
Interest rate options	$ 8,998	$ 62,387
Consolidated Entities [Member]
Count of VIEs | Entity	5	5
Real estate, net	$ 375,145	$ 258,529
Cash and cash equivalents	4,541	5,075
Restricted Cash	7,675	1,747
Mezzanine investment	0	0
Right-of-use lease assets	109,631	110,269
Unconsolidated real estate partnerships	0	0
Other assets, net	23,027	25,623
Accrued liabilities and other	49,373	26,003
Non-recourse property debt, net	22,779	22,689
Construction loans, net	102,230	40,013
Total lease liabilities	116,593	114,625
Mezzanine investment - participation sold	0	0
Consolidated Entities [Member] | Interest Rate Options
Interest rate options	$ 4,887	$ 3,900
Unconsolidated Entities [Member]
Count of VIEs | Entity	8	8
Real estate, net	$ 0	$ 0
Cash and cash equivalents	0	0
Restricted Cash	0	0
Mezzanine investment	158,301	158,558
Right-of-use lease assets	0	0
Unconsolidated real estate partnerships	20,808	15,789
Other assets, net	59,883	59,823
Accrued liabilities and other	0	0
Non-recourse property debt, net	0	0
Construction loans, net	0	0
Total lease liabilities	0	0
Mezzanine investment - participation sold	33,977	0
Unconsolidated Entities [Member] | Interest Rate Options
Interest rate options	$ 0	$ 0

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Lease Arrangements - Lease Income for Residential and Commercial Property Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Fixed lease income	$ 42,208	$ 46,851	$ 83,213	$ 92,982
Variable lease income	3,244	3,673	6,406	7,409
Total lease income	$ 45,452	$ 50,524	$ 89,619	$ 100,391

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Lease Arrangements (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Financing leases weighted average remaining term	93 years 9 months 18 days		93 years 9 months 18 days		94 years 2 months 12 days
Financing leases, weighted average discount rate, percent	6.10%		6.10%		6.10%
Finance lease, amortization	$ 0	$ 3,400	$ 0	$ 6,700
Operating leases weighted average remaining term	5 years 7 months 6 days		5 years 7 months 6 days		6 years 3 months 18 days
Operating leases, weighted average discount rate, percent	3.30%		3.30%		3.40%
Operating lease expenses	$ 400	200	$ 800	300
Operating right-of-use lease assets	$ 6,900		$ 6,900		$ 6,700
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets		Other Assets		Other Assets
Operating lease liability	$ 12,744		$ 12,744		$ 12,800
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	us-gaap:OtherLiabilities		us-gaap:OtherLiabilities		us-gaap:OtherLiabilities
Sub lease commencement date			Jan. 01, 2021
Sublease expiration date			May 31, 2029
Sublease income	$ 400	400	$ 700	700
Ground Lease [Member]
Lessee, Lease, Description [Line Items]
Lease cost capitalized	$ 2,100	$ 1,800	$ 4,200	$ 4,800

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Lease Arrangements - Minimum Annual Lease Payments Under Operating and Financing Leases and Sublease Income (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Sublease Lease, Liability, Payment, Due [Abstract]
Reminder of 2023	$ 704
2024	1,413
2025	1,423
2026	1,433
2027	1,443
Thereafter	2,083
Total	8,499
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2023	1,271
2024	2,657
2025	2,355
2026	2,341
2027	2,380
Thereafter	3,023
Total	14,027
Less: Discount	(1,283)
Total lease liabilities	$ 12,744	$ 12,800
Operating Lease Liability Statement Of Financial Position [Extensible List]	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities
Finance Lease, Liability, Payment, Due [Abstract]
Remainder of 2023	$ 1,451
2024	3,921
2025	4,437
2026	4,954
2027	5,483
Thereafter	1,433,296
Total	1,453,542
Less: Discount	(1,336,949)
Total lease liabilities	$ 116,593	$ 114,625
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Total lease liabilities

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Business Segments (Details Textual) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2023 Community	Jun. 30, 2023 USD ($) ft² Community Hotel Dwelling Home ApartmentHome Property Segment Room	Dec. 31, 2022 USD ($)	Jan. 01, 2022 ApartmentHome Property
Segment Reporting Information [Line Items]
Number of reportable segments | Segment		3
Development and Redevelopment [Member]
Segment Reporting Information [Line Items]
Right-of-use lease assets | $		$ 109.6	$ 110.3
Lease liabilities | $		$ 116.6	$ 114.6
Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of real estate properties | Property		26
Number of units in real estate property		1,185
Residential Apartment Communities in Redevelopment [Member] | Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of real estate properties | Community		3
Apartment Homes Redevelopment Completed [Member] | Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of units in real estate property		276
Planned Apartment Homes [Member] | Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of units in real estate property		909
Planned Homes [Member] | Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of real estate properties | Home		16
Accessory Dwelling Units [Member] | Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of units in real estate property | Dwelling		8
Hotel [Member] | Continuing Operations [Member]
Segment Reporting Information [Line Items]
Number of real estate properties | Hotel		1
Wholly And Partially Owned Consolidated Properties [Member] | Development and Redevelopment [Member]
Segment Reporting Information [Line Items]
Number of units in real estate property | Room		106
Event space square foot | ft²		18,000
Wholly And Partially Owned Consolidated Properties [Member] | Operating Portfolio Segment [Member]
Segment Reporting Information [Line Items]
Number of real estate properties | Property				21
Number of residential apartment community reclassified upon reaching stabilization | Community	1
Wholly And Partially Owned Consolidated Properties [Member] | Residential Apartment Communities in Redevelopment [Member] | Continuing Operations [Member] | Development and Redevelopment [Member]
Segment Reporting Information [Line Items]
Number of real estate properties | Property		3
Wholly And Partially Owned Consolidated Properties [Member] | Planned Apartment Homes [Member] | Operating Portfolio Segment [Member]
Segment Reporting Information [Line Items]
Number of units in real estate property				5,600
Wholly And Partially Owned Consolidated Properties [Member] | Real Estate Partnership [Member] | Development and Redevelopment [Member]
Segment Reporting Information [Line Items]
Number of real estate properties | Community		12
Number of units in real estate property		1,185
Wholly And Partially Owned Consolidated Properties [Member] | Real Estate Partnership [Member] | Apartment Homes Redevelopment Completed [Member] | Development and Redevelopment [Member]
Segment Reporting Information [Line Items]
Number of units in real estate property		276
Wholly And Partially Owned Consolidated Properties [Member] | Real Estate Partnership [Member] | Planned Apartment Homes [Member] | Development and Redevelopment [Member]
Segment Reporting Information [Line Items]
Number of units in real estate property		909
Wholly And Partially Owned Consolidated Properties [Member] | Real Estate Partnership [Member] | Planned Homes [Member]
Segment Reporting Information [Line Items]
Number of units in real estate property | Home		16
Unconsolidated Investment in IQHQ and Mezzanine Investment [Member]
Segment Reporting Information [Line Items]
Number of apartment communities | Community		4
Number of apartment homes		142

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Business Segments - Summary of Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Summary information for the reportable segments
Rental and other property revenues	$ 45,674	$ 50,697	$ 89,942	$ 100,691
Property operating expenses	18,783	19,708	36,287	38,929
Other operating expenses not allocated to segments	24,921	43,824	49,595	76,414
Total operating expenses	43,704	63,532	85,882	115,343
Proportionate property net operating income (loss)	1,970	(12,835)	4,060	(14,652)
Other items included in income before income tax	(2,243)	312,003	(14,282)	319,876
Income (loss) before income tax	(273)	299,168	(10,222)	305,224
Segment Reconciling Items [Member]
Summary information for the reportable segments
Rental and other property revenues	1,591	1,461	3,288	3,122
Property operating expenses	1,627	1,439	3,304	3,076
Total operating expenses	1,627	1,439	3,304	3,076
Proportionate property net operating income (loss)	(36)	22	(16)	46
Income (loss) before income tax	(36)	22	(16)	46
Corporate Non-Segment [Member]
Summary information for the reportable segments
Rental and other property revenues		11,749		22,749
Property operating expenses	1,456	6,205	2,880	11,744
Other operating expenses not allocated to segments	24,921	43,824	49,595	76,414
Total operating expenses	26,377	50,029	52,475	88,158
Proportionate property net operating income (loss)	(26,377)	(38,280)	(52,475)	(65,409)
Other items included in income before income tax	(2,243)	312,003	(14,282)	319,876
Income (loss) before income tax	(28,620)	273,723	(66,757)	254,467
Development and Redevelopment [Member] | Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	3,640	33	5,842	81
Property operating expenses	2,684	363	4,708	572
Total operating expenses	2,684	363	4,708	572
Proportionate property net operating income (loss)	956	(330)	1,134	(491)
Income (loss) before income tax	956	(330)	1,134	(491)
Operating Portfolio Segment [Member] | Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	37,011	33,809	73,683	66,739
Property operating expenses	11,496	10,563	22,683	20,960
Total operating expenses	11,496	10,563	22,683	20,960
Proportionate property net operating income (loss)	25,515	23,246	51,000	45,779
Income (loss) before income tax	25,515	23,246	51,000	45,779
Other [Member] | Operating Segments [Member]
Summary information for the reportable segments
Rental and other property revenues	3,432	3,645	7,129	8,000
Property operating expenses	1,520	1,138	2,712	2,577
Total operating expenses	1,520	1,138	2,712	2,577
Proportionate property net operating income (loss)	1,912	2,507	4,417	5,423
Income (loss) before income tax	$ 1,912	$ 2,507	$ 4,417	$ 5,423

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Business Segments - Schedule of Net Real Estate and Non-Recourse Property Debt, Net, by Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Land	$ 638,660	$ 641,102
Net real estate	1,558,076	1,432,761
Non-recourse property debt and construction loans, net	869,974	929,501
Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	1,467,732	1,322,381
Land	638,660	641,102
Total real estate	2,106,392	1,963,483
Accumulated depreciation	(548,316)	(530,722)
Net real estate	1,558,076	1,432,761
Non-recourse property debt and construction loans, net	1,065,662	1,048,199
Development and Redevelopment [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	599,807	449,316
Land	226,161	228,568
Total real estate	825,968	677,884
Accumulated depreciation	(7,385)	(2,378)
Net real estate	818,583	675,506
Non-recourse property debt and construction loans, net	218,468	200,135
Operating Portfolio Segment [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	702,884	708,665
Land	262,409	262,409
Total real estate	965,293	971,074
Accumulated depreciation	(472,573)	(468,428)
Net real estate	492,720	502,646
Non-recourse property debt and construction loans, net	766,453	767,513
Other [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Buildings and improvements	165,041	164,400
Land	150,090	150,125
Total real estate	315,131	314,525
Accumulated depreciation	(68,358)	(59,916)
Net real estate	246,773	254,609
Non-recourse property debt and construction loans, net	$ 80,741	$ 80,551